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.
