The first day of trading saw the stock surge 31 percent to close at $19.65 a share. In a separate offering, private equity firm Warburg Pincus bought 17.2 million shares, resulting in a 23 percent stake in Primerica, and up to 33 percent if Warburg decides to exercise warrants to purchase an additional 4.3 million shares from Citi. Following the IPO, Citi's stake was between 32 percent and 46 percent and expected to divest its interest in Primerica "as soon as possible" to fulfill its original goal of raising cash by shedding assets to improve financial performance. On December 19, 2011, Citigroup sold its remaining equity stake in Primerica (approximately 8 million shares of Primerica's common stock), completing the separation from Citi. In Primerica's eleven-tiered multilevel-marketing system, the company's sales representatives receive a commission for selling financial products, while a portion of the sale is also paid to the representative's recruiter, the recruiter's recruiter, and so on, up to eleven levels. Sales agents are tasked with selling the company's products to a "warm market” including their family and friends. As of 2010, Primerica required its sales representatives to pay a $25 monthly fee, and it is estimated that these fees netted the company revenue of $2.5 million per month from its own employees. In 2010, Primerica was reported to have over 100,000 representatives selling the company's financial products, with individual earnings averaging $5,156 per year. More than 190,000 new sales recruits paid a fee to sign up for Primerica in 2014, but the company only boosted its total licensed sales force by 3,700 that year, and each member of the sales team earned an average of $6,030. As of September 2017, the company reported having 124,436 independent representatives. In October 2015, James Wilcox, a school district superintendent in Longview, Texas and other Primerica representatives were censured by the Longview school district for holding Primerica recruitment pitch meetings at a local high school. The meetings generated numerous complaints and violated the school district's employee policy manual . The district's school board banned Primerica from Longview ISD campuses and directed Wilcox to "not allow any meetings of this type on any LISD property in the future". In 2017 a freshman student at Brooklyn College alleged that Primerica representatives tried to recruit him on Brooklyn's campus, in violation of the college's rules.