A firm conducting an IPO of common stock sold 5 million new shares in the offering at an offer price of $20 per share. After the offering, the firm had 10 million shares outstanding, and the price of those shares in the secondary market was $22. The total proceeds from the firm's IPO were ________.

A) $300 million

B) $50 million

C) $110 million

D) $440 million

E) $100 million