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VimpelCom Ltd. (NASDAQ: VIP) has filed with the U.S. Securities and Exchange Commission (SEC) for a secondary offering. The company intends to offer 142.5 million American depositary shares (ADSs) at a price of $3.50 apiece, with an overallotment option for an additional 21.375 million. Each ADS represents one common shares of the company. At the set price, the entire offering is valued up to $573.56 million.

The underwriters for the offering are Morgan Stanley, JPMorgan, Citigroup and Credit Suisse.

VimpelCom is an international communications and technology company committed to bringing the digital world to each and every customer. Currently, the company provides voice and data services through a range of traditional and broadband mobile and fixed-line technologies, and it operates in Russia, Algeria, Pakistan, Bangladesh, Ukraine, Kazakhstan, Uzbekistan, Kyrgyzstan, Armenia, Tajikistan, Georgia, Laos, Zimbabwe and Italy.

As of June 2016, this company’s operations cover a territory with a total population of approximately 732 million. At the same time, VimpelCom boasted 214.9 million mobile customers on a combined basis, including its WIND brand, 236 million mobile customers on a combined basis, including 100% of WIND and Warid customers and 50,971 employees.

Note that the company will not receive any proceeds from the offering.

So far in 2016, VimpelCom has outperformed the broad markets, with the stock up over 10%. Over the past 52 weeks, the stock is actually down about 25%.

Shares of VimpelCom closed Thursday at $3.63, with a consensus analyst price target of $5.33 and a 52-week trading range of $2.71 to $4.98.