Castlight Health increases proposed IPO range to $13 to $15, deal size is now $167 million


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Castlight Health, which provides on-demand software that helps self-insured employers control healthcare costs, raised the proposed price range for its upcoming IPO on Tuesday. The San Francisco, CA-based company now plans to raise up to $167 million by offering 11.1 million shares at a price range of $13 to $15. The company had previously filed to offer 11.1 million shares at a range of $9 to $11.

At the high end of the revised range, Castlight Health will raise 50% greater proceeds than previously anticipated and command a fully diluted market cap of $1.5 billion. Castlight Health, which was founded in 2008 and booked $13 million in sales for the 12 months ended December 31, 2013, will list on the NYSE under the symbol CSLT. Castlight Health initially filed confidentially on 12/18/2013. Goldman Sachs and Morgan Stanley are the joint bookrunners on the deal. It is expected to price this week.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

This article appears in: News Headlines IPOs
Referenced Stocks: CSLT

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