Health care software maker Castlight Health Inc. (NYSE: CSLT) launched its initial public offering (IPO) Friday morning, and “launch” is the right word. Shares have taken off, rising more than 162% in early trading. The company priced 11.1 million class B shares at $16 apiece, much higher than the original expected range of $9 to $11, and above a Tuesday revision that raised the range to $13 to $15 a share. Castlight raised net proceeds of around $161 million, based on the IPO price.

The underwriters have an option to purchase up to 1.67 million additional shares. Goldman Sachs and Morgan Stanley were the lead underwriters of the offering.

Castlight is a maker of cloud-based software that is designed to assist large enterprises in managing their health care costs. The company claims 24 clients from among the Fortune 500.

The company has adopted a dual-share structure, with class A shares having 10 votes per share on matters related to a company merger or consolidation; the sale, lease or exchange of substantially all the company’s assets; the dissolution or liquidation of the company; and on “every matter” when any person or entity or group makes public an intention to acquire 30% or more of Castlight’s combined class A and B stock.

Following the IPO, there will be about 75.5 million class A shares outstanding.

To say that Castlight’s IPO is a success is putting it mildly. Shares were up more than 150%, trading at around $40.00 in the late morning on Friday.

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