The Waterbury parent of Webster Bank disclosed Tuesday that it reaped a 32-fold return in selling off half its stake in Higher One Holdings Inc. when the New Haven college financial-aid servicer went public a week ago.
Webster Financial Corp. sold only 594,107 shares at $12 each, backing off its initial plan to sell all 1.2 million shares in Higher One as part of the IPO.
Instead, Webster collected $6.6 million in sale proceeds, but its second-quarter books will show a $6.4 million gain when the period officially closes Wednesday.
The banking company said its remaining 605,893 shares in Higher One have a current market value of about $8.8 million. But the shares are valued on its books at about $200,000, the balance of its initial investment in Higher One.
