Cleaning and catering services company Spotless will sell off existing and new shares representing 51 per cent of the company at a price between A$1.60 and A$1.85.
PEP will continue to hold the remaining 49 per cent following the listing.
The firm bought Spotless Group in a take-private deal in May 2012 after raising its bid to A$720m.
PEP is believed to have arranged more than A$500m of debt for the buyout, which would have seen the company leveraged at about 3.5 times its EBITDA.
The company previously knocked back fellow private equity firm Blackstone when it came calling with an A$657m offer in May 2011.
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