Shares of Castlight Health more than double in market debut

Shares of Castlight Health, a health care information provider, more than doubled in their market debut on Friday, valuing the company at about $3.43 billion.

The San Francisco-based company raised about $178 million after its initial public offering was priced at $16 per Class B share, slightly above the expected pricing range of $13-$15. The company sold all the 11.1 million shares in the offering.

Castlight Health's shares opened at $37.50 and touched a high of $41.95 on the New York Stock Exchange. (Click here to see what the stock is doing now.)

"We are focused on solving the biggest problem for the American enterprise, which is health care cost," Castlight Health CEO Giovanni Colella told CNBC's Squawk on the Street on Friday.

After an employer purchases the company's cloud-based platform, it provides health care consumers, the employee, with "transparency of what your cost is gong to be, the alternative, the quality of what your going to be buying and if there are options that offer the same product [but] at a lower price."

Goldman Sachs and Morgan Stanley were lead underwriters for the offering.

—By Reuters with CNBC