Sovos Brands, Inc. announces closing of initial public offering
Sovos Brands, Inc. has announced the closing of its initial public offering of 23,334,000 shares of its common stock at a price to the public of $12.00 per share. Gross proceeds to Sovos Brands were approximately $280 million, before underwriting discounts and commissions and estimated offering expenses. The common stock began trading on the Nasdaq Global Select Market on September 23, 2021. Sovos Brands has granted the underwriters a 30-day option to purchase up to an additional 3,500,100 shares of common stock at the initial public offering price, less the underwriting discounts and commissions.
J.P. Morgan and Goldman Sachs acted as joint lead book-running managers for the offering and as representatives of the underwriters. BofA Securities, Credit Suisse, Barclays, UBS Investment Bank, Cowen, Piper Sandler, Stifel, and William Blair also acted as book-running managers and Telsey Advisory Group, Drexel Hamilton and Loop Capital Markets acted as co-managers for the offering.