Banking & Finance  August 14, 2022

Sovos’ secondary public offering priced at $14 per share

LOUISVILLE — Stockholders of Sovos Brands Inc. (Nasdaq: SOVO), a food-brand company that owns Noosa Yoghurt, Birch Benders waffle mix, Rao’s Homemade Sauce and Michael Angelo’s frozen Italian meals, have priced their secondary public offering, announced last week, at $14.

The secondary public offering’s underwriters have the option to sell 1,275,000 additional shares, according to a U.S. Securities and Exchange Commission filing. It is expected to close on Monday.

J.P. Morgan and Goldman Sachs are acting as joint lead book-running managers for the proposed offering. 

The company’s stock finished trading last week at $13.79, down 13.43% over the previous five trading days. 

Sovos, which moved its headquarters to Boulder County from California last year, began publicly trading in September 2021 after an initial public offering that valued the company as a unicorn, or worth at least $1 billion.

Related Content