Sovos Brands, Inc (SOVO) Launches 23.3M Share IPO

Sovos Brands, Inc. (NASDAQ: SOVO) announced today the launch of its proposed initial public offering of 23,334,000 shares of its common stock. Sovos intends to offer 23,334,000 shares of its common stock and will grant 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 discount. The initial public offering price is currently expected to be between $14.00 and $16.00 per share pursuant to a registration statement on Form S-1 previously filed with the United States Securities and Exchange Commission (the “SEC”). Sovos has applied to list its common stock on the Nasdaq Global Market under the symbol “SOVO.” Sovos intends to use the proceeds to repay outstanding borrowings under its credit facilities and for general corporate purposes.

J.P. Morgan and Goldman Sachs are acting as joint lead book-running managers for the proposed offering and as representatives of the underwriters. BofA Securities, Credit Suisse, Barclays, UBS Investment Bank, Cowen, Piper Sandler, Stifel, and William Blair will also act as book-running managers and Telsey Advisory Group, Drexel Hamilton and Loop Capital Markets will act as co-managers for the proposed offering.

The proposed offering will be made only by means of a prospectus. Copies of the preliminary prospectus relating to this offering, when available, may be obtained from: J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, by telephone at 866-803-9204 or by email at [email protected]; or Goldman Sachs & Co. LLC, Attn: Prospectus Department, 200 West Street, New York, NY 10282, by telephone at (866) 471-2526 or by email at [email protected].

A registration statement on Form S-1 relating to the proposed offering has been filed with the SEC but has not yet become effective. These securities may not be sold, nor may offers to buy be accepted, prior to the time the registration statement becomes effective.

This press release does not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

You May Also Be Interested In

• KKR to sell 5 million BridgeBio shares in secondary offering
• Zentalis Pharmaceuticals launches public stock offering
• Ferrox names former Gold Resource CEO as executive director and COO