Castlight Health (CSLT) IPO More than Doubles

March 14, 2014 10:34 AM EDT
The IPO for Castlight Health (NYSE: CSLT) opened for trading at $37.50 after pricing 11,100,000 shares of its Class B common stock at a price to the public of $16.00 per share. In addition, Castlight Health has granted the underwriters a 30-day option to purchase up to 1,665,000 additional shares of Class B common stock from Castlight Health at the initial public offering price.

Goldman, Sachs & Co. and Morgan Stanley & Co. LLC are acting as joint book-running managers for the offering. Allen & Company LLC, Stifel, Nicolaus & Company, Incorporated, Canaccord Genuity Inc. and Raymond James & Associates, Inc. are acting as co-managers.

Castlight is a pioneer in a new category of cloud-based software that enables enterprises to gain control over their rapidly escalating health care costs. The company's Enterprise Healthcare Cloud allows customers to conquer the complexity of the existing health care system by providing personalized, actionable information to their employees, implementing technology-enabled benefit designs and integrating disparate systems and applications. Their comprehensive technology offering aggregates complex, large-scale data and applies sophisticated analytics to make health care cost and quality data transparent and useful. They deploy consumer-oriented applications that deliver strong engagement and integration capabilities. In the last two years, the company has signed more than 95 customers, which consist primarily of large self-insured employers, across a broad range of industries, including 24 Fortune 500 companies.

Total revenue was $1.9 million, $4.2 million and $13.0 million for the years ended December 31, 2011, 2012 and 2013, respectively. Net loss was $19.9 million, $35.0 million and $62.2 million for the years ended December 31, 2011, 2012 and 2013, respectively. The accumulated deficit at December 31, 2013 was $131.2 million.

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