Sovcomflot reportedly intends to sell nearly a fifth of the company on the Moscow Exchange.
The Russian state-run shipping giant disclosed on Monday that it will sell a stake between 15.5% and 17%, raising RUB 42.3bn ($534m), Reuters reported.
Shares will cost between RUB 105 and RUB 117, with more pricing details expected in early October.
The newswire quotes an analyst saying those figures peg the shipowner as worth between RUB 250bn and RUB 270bn.
Sovcomflot has desired to go public since at least the mid-2000s.
In recent years, the initial public offering has been delayed due to US sanctions levied after the Crimea annexation and depressed freight markets.
Rates do not seem as big a concern this time around, with the Baltic Dirty Tanker Index languishing in the 400s for most of the summer due to oil oversupply, after tankers saw record earnings in the spring.
Sovcomflot owns 145 vessels, 122 of which are tankers, plus 31 gas carriers with a total deadweight tonnage of 12.6m and worth more than $6bn.
The company announced the IPO push in September and a week later, Russia's sovereign wealth fund committed to participating.
The fund, known as the Russian Direct Investment Fund, has $10bn under management.
When the IPO is complete, the Russian government will remain in control of the company, though analysts told Reuters a rally in shares after trading begins could suggest the government could whittle down its stake.
TTB Capital, Citigroup Global Markets, Sberbank CIB, JP Morgan and Bank of America Securities are acting as joint global coordinators and bookrunners on the deal.
