Separately, Cassa Depositi e Prestiti (CDP), the Treasury-controlled financing agency that manages the postal savings deposits taken by Poste Italiane and owns Fincantieri, plans to sell minority stakes in Sace, an export credit agency.
Also to go are the government's 4 percent holding in energy group Eni; a 13 percent stake in STMicroelectronics, a semiconductor manufacturer that is partially owned by the French government; Grandi Stazioni, which manages Italy's largest railways stations; and CDP holdings in Snam and Terna, operators of gas and electricity grids.
Fincantieri is the fourth-largest shipbuilder in the world by orders. In 2013, it received 5 billion euros of orders, bringing the value of its portfolio to 12 billion euros. It made a net profit of 85 million euros in 2013 on earnings before interest, tax, depreciation and amortization of 298 million euros. It has 20,000 employees in 21 factories on four continents.
Read MoreDoubts over Renzi's 'ambitious' reforms for Italy
Bankers consider Fincantieri the easiest of Italy's wholly state-owned companies to privatize because it is already run as a private enterprise. But they are more sceptical about the timeframe for listing those companies, such as Poste Italiane, that are still closely entwined with the state.
Italian officials have said part of the proceeds from the Fincantieri stake sale would be reinvested in the shipbuilder, while CDP could make a special dividend to the Treasury that would also go towards debt reduction.
Co-ordinators for Fincantieri's listing are Banca IMI, Credit Suisse, JPMorgan, Morgan Stanley and UniCredit. Joint bookrunners are BNP Paribas, Citi, Deutsche Bank, Goldman Sachs, HSBC and Mediobanca.
Follow us on Twitter: @CNBCWorld