Castlight Health Inc.'s initial public offering was priced at $16 per Class B share, above the company's expected range, an underwriter told Reuters.

Castlight Health raised about $178 million after it sold all 11.1 million shares offered. The IPO was expected to be priced between $13 and $15.

The company is valued at about $1.39 billion at the listing price, assuming no exercise of option to purchase additional shares.

Castlight, cofounded in 2008 by United States Chief Technology Officer Todd Park, provides cloud-based software for the management and analysis of employers' healthcare costs.

The San Francisco-based company will debut on the New York Stock Exchange under the ticker symbol "CSLT" on Friday.

Goldman, Sachs & Co, Morgan Stanley, Allen & Co, Stifel, Canaccord Genuity, Raymond James were the underwriters of the offering.