A source told Reuters that Nine Entertainment Co would be going public. The Australia-based company planned to raise AUD 600 million or USD 569 million for its initial public offering. The person familiar with the matter said the media and entertainment firm would likely get listed on December 6.

The source said shares for Nine Entertainment would be priced from AUD 2.05 to AUD 2.35 apiece. At this pricing, the market capitalization of the firm would fall anywhere from AUD 1.9 billion to AUD 2.2 billion.

Oaktree Capital Group would be selling its stake in Nine anywhere from 20% to 40% of its holding.The hedge fund has a 28% ownership in the Australian firm. Meanwhile, major shareholder Apollo Global Management would not be offloading any shares. The prospectus for the IPO would be filed on Monday.

Reuters reported that Nine Entertainment's initial public offering would be the biggest public listing by an Australian firm in 2013.