NEW YORK (CNNMoney.com) -- Citigroup's soon-to-be spun off life insurance division soared in its market debut Thursday, gaining nearly 28%.
Shares of Primerica (PRI) opened at $19.15 on the New York Stock Exchange. The stock priced its initial public offering at $15 a share.
Primerica stock was originally expected to be priced somewhere between $12 and $14 a share. Citigroup, Primerica's parent company, said late Wednesday that it raised about $320 million from the sale of approximately 21.4 million shares of Primerica.
Citigroup announced plans to sell the division last November as part of the banking giant's ongoing efforts to raise cash to get itself back into shape.
Citigroup however, will retain a major stake in the life insurer, controlling approximately 43% of its common stock. The bank said Wednesday it plans on selling off its remaining interest as soon as possible.
Citigroup (C, Fortune 500) shares gained over 2% in morning trading Thursday. 
| Index | Last | Change | % Change |
|---|---|---|---|
| Dow | 32,627.97 | -234.33 | -0.71% |
| Nasdaq | 13,215.24 | 99.07 | 0.76% |
| S&P 500 | 3,913.10 | -2.36 | -0.06% |
| Treasuries | 1.73 | 0.00 | 0.12% |
| Company | Price | Change | % Change |
|---|---|---|---|
| Ford Motor Co | 8.29 | 0.05 | 0.61% |
| Advanced Micro Devic... | 54.59 | 0.70 | 1.30% |
| Cisco Systems Inc | 47.49 | -2.44 | -4.89% |
| General Electric Co | 13.00 | -0.16 | -1.22% |
| Kraft Heinz Co | 27.84 | -2.20 | -7.32% |
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