Castlight Health Inc (CSLT) stock surges 149% on IPO day
Castlight Health Inc (NYSE:CSLT) is an enterprise healthcare cloud service that went public on Friday. The company’s shares jumped 149.1% in the first day of trading. The stock is trading on the New York Stock Exchange with the symbol CSLT. The stock price closed at $39.80 from the initial price of $16. Castlight raised $178 million through the offering by selling 11.1 million shares. Once Castlight filed plans for its IPO, it intended to sell 11.1 million shares between $9 and $11 per share.
“We’re doing this financing in order to meet the demands of our rapidly growing customer base of more than 100 enterprises and to continue to innovative on our technology platform, which we call the Enterprise Healthcare Cloud,” stated Castlight CEO Giovanni Colella as quoted by USA Today.
Castlight builds software to help companies and employers control healthcare costs. Castlight engages employees with personalized information about costs, quality, medical conditions and treatments to make the best possible health care decisions.
[Source: USA Today]