Castlight Health prices IPO at $16, above the upwardly revised range

Castlight Health, which provides an on-demand software platform that helps self-insured employers control healthcare costs, raised $178 million by offering 11.1 million shares at $16, above the upwardly revised range of $13 to $15. The company had initially filed to offer 11.1 million shares at a range of $9-$11. Its $16 offer price represents a 60% increase from the original midpoint. Castlight Health now commands a fully diluted market cap of $1.6 billion and an enterprise value of $1.4 billion.

Castlight Health will list on the NYSE under the symbol CSLT. Goldman Sachs and Morgan Stanley are the joint bookrunners on the deal.