Daesung Industrial Gases will be put up for auction with first-round bids due next month in a deal worth about $1.3billion.
The company is almost half-owned by Goldman Sachs.
Daesung Group is keen to sell its stake to cut debt, according to a spokesman.
Two years ago Daesung Group sold a 68% stake in the industrial gas maker to a consortium led by Goldman Sachs for about $400million.