NEW YORK, N.Y. – Shares of Castlight Health Inc. more than doubled Friday 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.
Its shares jumped $23.80 to close at $39.80 Friday. They rose as high as $41.95 earlier in the day.
The San Francisco-based company sells cloud-based software to large companies that provide the service to their workers. Employees use Castlight to search and compare doctors, hospitals and procedures based on cost and the quality of care. It’s a way for companies and employees to lower their health care costs.
“We’re really focusing on building an iconic company that changes health care,” said CEO and co-founder Giovanni Colella.
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.”