Sovos Brands Closes IPO Below Estimated Price

Sept. 29, 2021
Its $12 per share initial public offering raised $280 million.

Sovos Brands Inc. is now a public company, having closed its initial public offering of stock on Sept. 27 after raising $280 million.

It wasn't a stellar debut. Two weeks earlier, Sovos estimated the share price to be between $14-16 per share, but the 23,334,000 shares of its common stock were sold at $12 per share. The company began trading on the Nasdaq Global Select Market on Sept. 23 under the symbol SOVO. The stock price has stayed above $12 since, and at this writing is $14.

The company is headquartered in Louisville, Colo., was just created in early 2017 and was built entirely by acquisition. Brands include Michael Angelo's Gourmet Foods, Rao's Specialty Foods, Noosa Yogurt and Birch Benders. Its two principals are Todd Lachman, CEO and founder, who was on our cover in 2007 as president of Mars USA, and Chairman William Johnson, who was on our cover in 2011 as the last chairman/CEO of an independent H.J. Heinz Co.

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