NEW YORK: Citigroup says the initial public stock offering of its Primerica life insurance business has raised $320.4 million.
The bank said about 21.4 million shares in Primerica were sold at $15 each. That's above Citigroup's initial expectation of selling 18 million shares in a range of $12 to $14 each. The shares are expected to begin trading Wednesday on the New York Stock Exchange under the symbol "PRI."
Citigroup has said it will sell the rest of the unit after it goes public. Divesting Primerica is part of Citi's effort to simplify its operations and raise cash. The bank, one of the hardest hit during the credit crisis and recession, has reported huge losses in the past two years as its investments and consumer loans and credit cards soured.