Visa 2008 Annual Report Download - page 154

Table of Contents
VISA INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(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
Ratio
Number of
Converted
Classes and
Series of
Common
Stock after
the True-Up
Class USA(1) Class B(2) 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
(1) The amount of the class USA common stock outstanding prior to the true-up is net of 131,592,008 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 123,525,418 shares held by wholly-owned subsidiaries of the
Company.
Also, the Company issued 51,844,393 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's consolidated
balance sheet at September 30, 2008.
Initial Public Offering
In March 2008, the Company completed its IPO with the issuance of 446,600,000 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.
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