Brilliant Earth, Sovos jump in trading debuts
Jewelry company Brilliant Earth and Rao's parent company Sovos jump in their trading debuts.
Video Transcript
ZACK GUZMAN: I want to turn our attention, though, to a couple companies we have been watching in their debuts here-- and Brilliant Earth, the diamond company here, seeing renewed strength in their debut. We saw, of course, Toast seeing a 60% pop in their debut. But for Brilliant Earth, a 42% pop as that company begins trading after some weakness in the initial IPO pricing at $12 a share-- that was below the initial range of expectations, seeking $14 to $16 a share in the IPO.
But on day one as it makes its debut, seeing a nice pop as it becomes a publicly traded company. And then on the other side of the first trade here also, we're watching Sovos Brands Rao's parent company, Rao's, as some people pronounce it-- I don't know which one's right, but the sauce is tasty-- has seen a nice 20% pop in today's session as that brand and parent company makes its debut. Again, Akiko, just kind of pointing here, I suppose, to the strength that we've seen in the IPO space-- not after Toast made its debut, but these two brands also enjoying some pops on day one regardless of the strength in pricing those shares before they started trading-- kind of a mixed bag on that front. But today, seeing a nice pop among bothm of those.
