Sovos Brands, Brilliant Earth Join Fall IPO Kick-Off Frenzy
(Bloomberg) -- Sovos Brands Inc., the owner of Rao’s Homemade pasta sauces, as well as online jeweler Brilliant Earth Group Inc. launched roadshows for their U.S. initial public offering on Tuesday, joining a post-Labor Day listings rush.
Sovos Brands, backed by private equity firm Advent International, is seeking to raise as much as $373 million in its IPO. The company plans to sell 23.3 million shares for $14 to $16 apiece, its filing with the U.S. Securities and Exchange Commission shows.
Brilliant Earth, which touts its ethically sourced diamonds and jewelry, also filed Tuesday, seeking to raise up to $267 million, according to its filings.
At least three other companies set terms on Tuesday for nine-digit U.S. IPOs as they begin marketing shares to investors.
|Company||Industry||IPO fundraising size (top end)||IPO Price Range||Lead underwriter|
|Sovos Brands||Packaged food||$373 million||$14-16||JPMorgan|
|Brilliant Earth||Online jeweler||$267 million||$14-16||JPMorgan|
|Clearwater Analytics||Fintech SaaS||$480 million||$14-16||Goldman Sachs|
|Remitly Global||Fintech money transfer||$511 million||$38-42||Goldman Sachs|
|Kdc/one||Personal care||$857 million||$13-15||Goldman Sachs|
The weeks after the U.S. holiday marking the end of summer are one of the most active windows for companies seeking to go public. Switzerland-based sports data provider Sportradar Group AG began trading Tuesday in New York after pricing its IPO toward the middle of a marketed range.
Eight other companies are seeking to raise a combined total of more than $2.7 billion later Tuesday when they price shares in their IPOs, according to data compiled by Bloomberg. The largest of those planned IPOs is an offering of up to $737 million by consulting firm Thoughtworks Holding Inc., as the firm will be called once it’s public.
Those filing on Tuesday to continue that frenzy include Knowlton Development Corp., which operates as Kdc/one. The Quebec-based company researches and formulates solutions for beauty and personal care brands. It said in a prospectus that it works with 18 of the 20 largest beauty brands in the market and is seeking to raise as much as $875 million in the IPO.
Two technology companies also launched their roadshows on Tuesday. Online money transfer platform Remitly Global Inc. is seeking to raise as much as $511 million. Clearwater Analytics Holdings Inc., a software maker that services the investment industry, has targeted $480 million.
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