Steinhoff has set an offer price of 40 zlotys (roughly R150) per share for pan-European subsidiary Pepco.
This would give the discount retailer a market capitalisation of 23 billion zlotys (about R86 billion). For comparison, this is slightly larger than the market value of Shoprite in South Africa.
Pepco is planning to start trading on the Warsaw stock exchange on May 26.
Steinhoff currently owns 98.7% of the Pepco's shares.
On Friday it announced it was aiming to sell just over 102 million shares, which would net it about 4.1 billion zlotys (R15.43 billion).
"Following the IPO and cornerstone investments, Steinhoff will hold approximately 78.9% of the issued share capital of Pepco Group, assuming full exercise of the over-allotment option," it said.
Andy Bond, Pepco's chief executive officer, said he was please d to have received "strong interest and support from a broad range of high-quality international and Polish investors".