Castlight Health shares more than double in debut

AP News
Posted: Mar 14, 2014 11:08 AM

NEW YORK (AP) — Shares of Castlight Health Inc. more than doubled in their debut on the New York Stock Exchange.

The online health care software company raised $177.6 million in an initial public offering priced at $16 per share.

Shares rose $24.19 to $40.19 in morning trading Friday after rising as high as $41.95 earlier.

The San Francisco-based company sells cloud-based software to large companies that provide it to their workers. Castlight allows the workers to search and compare doctors, hospitals and procedures based on cost and the quality of care.

Castlight sold 11.1 million share of its Class B common stock in the IPO. The $16 per share price was above its previously announced range of $13 per share and $15 per share.

The stock is trading under the ticker symbol "CSLT"