The company could be valued at around A$500m in the IPO, said Reuters, citing a source familiar with the deal.
CVC, which bought Mantra in 2008, tried to sell the business in 2012 and it was reported that it could be worth over A$600m.
UBS, which funded the buyout, acquired a 40 per cent stake via a debt for equity swap.
The firms are planning an analyst roadshow in two weeks to market the sale, aiming to float the company in mid-April, said the source.
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