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Rao's sauce, Noosa yogurt parent Sovos Brands soars 21% as trading begins after IPO

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Rao's sauce, Noosa yogurt parent Sovos Brands soars 21% as trading begins after IPO
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Sovos Brands Inc. , parent company to pasta sauce brand Rao's and yogurt brand Noosa, soared 20.8% as trading began on Thursday. Shares priced at $12 per share, below the expected pricing range of $14 to $16. The company sold 23.33 million shares in the IPO to raise $280 million. The IPO pricing valued the company at about $1.17 billion. The stock is trading on the Nasdaq under the ticker symbol "SOVO." The company joins a number of others including Remitly Global Inc. and EngageSmart Inc. in op