The cinema chain could be valued at around A$900m ($807.4m) in an IPO, said Reuters, citing a source familiar with the deal.
However, PEP has yet to decide how much of the company it wants to sell and at what price.
PEP has hired UBS to conduct a roadshow in Australia and Asia to showcase the company, said the report.
If PEP manages to exit the company at a value of A$900m, it would double its initial investment made in 2007.
This is not the first time PEP is thinking about an IPO for Hoyts. Back in 2011 PEP was planning to float the company, but changed its mind due to volatile market conditions.
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