initial public offerings (IPOs) trading on American exchanges

Friday, March 14, 2014

Cloud-based software company Castlight Health (CSLT) began trading on the NYSE on 14 March 2014

Castlight Health's shares jumped 139% in their first day of trading as investors snapped up shares of the health-care software company.

The stock, which is trading on the New York Stock Exchange by the symbol CSLT, rose $22.39, or 139%, to $38.39 from the initial price of $16. The warm reception shows just how strong demand for the shares is, since the initial price was already increased above the expected range of between $13 and $15 a share.

Following the offering, Castlight raised $178 million by selling 11.1 million shares. When the company first filed plans for its IPO, it intended to sell 11.1 million shares between $9 and $11 a share.

Castlight makes software that helps companies and other employers control healthcare costs. It's the latest in what's expected to be a rash of six software-related deals this next week.

Following Castlight, other upcoming software IPOs include payroll software company Paylocity, employee incentive software maker Globoforce, online banking software company Q2 Holdings, network software company A10 Networks and global trading software makers Amber Road and Borderfree, says Renaissance Capital.

Dr. Giovanni M. Colella, Co-Founder and CEO, joined by members of Castlight Health’s leadership team and their families, rings the NYSE Opening Bell and visit the NYSE trading floor to observe the stock opening.

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