What did primerica do in its first day on the stock exchange?
Meet Primerica, The New Wall Street IPO That’s Really A Multi-Level Marketing Scheme Citigroup (C) has officially priced the IPO of its spinoff of Primerica. At $15 per share, the pricing went strong. Warburg Pincus will pick up 22% to 33% of shares and Citigroup will retain 32% to 46% of equity, which it will divest after Primerica begins trading. But will investors buy Primerica’s stock? That depends if they can figure out what Primerica actually does first. What Does Primerica Do? They’ll deny it, but basically, it’s a multi-level marketing (MLM) company for finance. Primerica employs, according to their prospectus, over 100,000 representatives who go out and sell financial products like term life insurance, mutual funds, life insurance, and annuities. Almost all the products offered by Primerica are from Citigroup, its corporate parent. All the mutual funds and annuities are sold through Primerica’s licensed broker/dealer subsidiary, PFS Investments. The goal is for the rep to push
