Sovos Brands, which sells premium food brands including Rao's and noosa, announced terms for its IPO on Tuesday.
The Louisville, CO-based company plans to raise $350 million by offering 23.3 million shares at a price range of $14 to $16. At the midpoint of the proposed range, Sovos Brands would command a market value of $1.5 billion.
Formed by Advent International, Sovos Brands offers a select group of acquired premium food brands including Italian food and sauce brand Rao's, yogurt brand noosa, Italian frozen meal brand Michael Angelo's, and pancake and waffle brand Birch Benders. According to the company, its largest brand of products, Rao's, included the #1 selling SKU in the pasta and pizza sauce category (Rao’s Homemade 24oz marinara) by dollar sales in the twelve months ended June 13, 2021. Sovos Brands plans to continue its focus on acquiring, integrating, and growing unique and quality food brands.
Sovos Brands was founded in 2017 and booked $650 million in sales for the 12 months ended June 30, 2021. It plans to list on the Nasdaq under the symbol SOVO. J.P. Morgan, Goldman Sachs, BofA Securities, Credit Suisse, Barclays, UBS Investment Bank, Cowen, Piper Sandler, Stifel, and William Blair are the joint bookrunners on the deal. It is expected to price during the week of September 20, 2021.
