Russneft plan to float up to 20% of ordinary shares in an initial public offering (IPO) by the end of 2016.
The company is owned by Russian tycoon Mikhail Gutseriyev and his family.
The stake the family plan to sell on the Moscow Exchange accounts for 15% of Russneft’s overall share capital.
It also includes preferred shares, the company said in a statement.
A pricing range is expected to be announced on November 18th, according to reports.