Primerica Inc., the life insurance business of Citigroup Inc., has priced its IPO above the expected range. This was told by an underwriter, on Thursday, and has been possible because of the larger than expected turnaround for the IPO.

It managed to sell 21.36 million shares with a face value of $15 each. At this rate, it can get $320.4 million. Earlier, it had planned to sell 18 million shares. The value of each share at that time was kept between $12 and $14.

Primerica is into the business of selling door to door insurance to lower and middle income families. Currently, it has a sales force of 100,000.

Analysts feel that since the company has good brand image, there would be no problem in raising the above mentioned money.

The IPO has been priced above the expected level so that a path is built for the secondary offering.

Citi, which took $45 billion from the US government as bailout, wanted to sell Primerica. But it could not since there was no buyer who wanted to buy it for a very high price.