visa inc . notes to consolidated financial statements 2014 ( continued ) september 30 , 2008 ( in millions , except as noted ) were converted on a one-to-one basis from class eu ( series i , ii , iii ) common stock to class c ( series iii , ii , and iv ) common stock concurrent with the true-up . the results of the true-up are reflected in the table below . fractional shares resulting from the conversion of the shares of each individual stockholder have been rounded down . these fractional shares were paid in cash to stockholders as part of the initial redemption of class b common stock and class c common stock shortly following the ipo . outstanding regional classes and series of common stock issued in the reorganization converted classes and series of common stock issued in the true-up number of regional classes and series of common stock issued in the reorganization true-up conversion number of converted classes and series of common stock after the true-up class usa ( 1 ) class b ( 2 ) 426390481 0.93870 400251872 .
( 1 ) the amount of the class usa common stock outstanding prior to the true-up is net of 131592008 shares held by wholly-owned subsidiaries of the company . ( 2 ) the amount of the class b common stock outstanding subsequent to the true-up is net of 123525418 shares held by wholly-owned subsidiaries of the company . also , the company issued 51844393 additional shares of class c ( series ii ) common stock at a price of $ 44 per share in exchange for a subscription receivable from visa europe . this issuance and subscription receivable were recorded as offsetting entries in temporary equity on the company 2019s consolidated balance sheet at september 30 , 2008 . initial public offering in march 2008 , the company completed its ipo with the issuance of 446600000 shares of class a common stock at a net offering price of $ 42.77 ( the ipo price of $ 44.00 per share of class a common stock , less underwriting discounts and commissions of $ 1.23 per share ) . the company received net proceeds of $ 19.1 billion as a result of the ipo. .
Outstanding Regional Classes and Seriesof Common Stock Issued inthe Reorganization Converted Classes and Series of Common Stock Issued in the True-Up Number of Regional Classes and Series of Common Stock Issued in the Reorganization True-up Conversion Ratio Number of Converted Classes and Series of Common Stock after the True-Up
Class USA<sup>(1)</sup> Class B<sup>(2)</sup> 426,390,481 0.93870 400,251,872
Class EU (series I) Class C (series III) 62,213,201 1.00000 62,213,201
Class EU (series II) Class C (series II) 27,904,464 1.00000 27,904,464
Class EU (series III) Class C (series IV) 549,587 1.00000 549,587
Class Canada Class C (series I) 22,034,685 0.98007 21,595,528
Class AP Class C (series I) 119,100,481 1.19043 141,780,635
Class LAC Class C (series I) 80,137,915 1.07110 85,835,549
Class CEMEA Class C (series I) 36,749,698 0.95101 34,949,123
outstanding regional classes and seriesof common stock issued inthe reorganization converted classes and series of common stock issued in the true-up number of regional classes and series of common stock issued in the reorganization true-up conversion ratio number of converted classes and series of common stock after the true-up
class usa ( 1 ) class b ( 2 ) 426390481 0.93870 400251872
class eu ( series i ) class c ( series iii ) 62213201 1.00000 62213201
class eu ( series ii ) class c ( series ii ) 27904464 1.00000 27904464
class eu ( series iii ) class c ( series iv ) 549587 1.00000 549587
class canada class c ( series i ) 22034685 0.98007 21595528
class ap class c ( series i ) 119100481 1.19043 141780635
class lac class c ( series i ) 80137915 1.07110 85835549
class cemea class c ( series i ) 36749698 0.95101 34949123