NEW YORK (TheStreet) -- Shares of VimpelCom (VIP) were sliding in late morning trade on Friday after the company priced its upcoming secondary offering of 142.5 million American depositary shares at $3.50 per share.

Each ADS share is equivalent to one common share of the company's stock, according to a company statement.

VimpelCom, an Amsterdam-based telecom operator, announced earlier this week that it will not receive any proceeds from the secondary offer by selling shareholder Telenor East.

Telenor East is a subsidiary of Norwegian telecom company Telenor USA (TELNY) and has given underwriters in the deal the option to purchase up to 21.375 million additional ADS shares.

The offer is expected to close on September 21.

Also, VTB Capital upped its rating on the stock to "buy" from "hold" today following the announcement, the Fly reports.

More than 60.85 million shares of the company have traded so far today vs. the 30-day average volume of 1.78 million shares.

Separately, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.

TheStreet Ratings rated this stock as a "sell" with a ratings score of D.

The company's weaknesses can be seen in multiple areas, such as its generally high debt management risk, disappointing return on equity, weak operating cash flow, generally disappointing historical performance in the stock itself and feeble growth in its earnings per share.

You can view the full analysis from the report here: VIP