Oil company Eni may list more than 30% of its new retail and renewable energy businesses in what is likely to be one of Italy's largest initial public offerings in 2022.

In October of this year the company announced that it had decided to list a minority stake in the unit to help it finance its plans to exit the oil and gas industry.

The Italian group was to present its business plans, which include renewable energy generation and selling power to customers, earlier this week.

Eni intends to sell between 25% and 30% of the shares, but may sell a little more depending on market demand.

According to close sources, the unit created earlier this year as part of Eni's more ambitious plans to decarbonize its business may be worth around $11.3 billion.

In April, the group's CFO Francesco Gattei said that the merger of its renewable energy and retail operations could create a vehicle with double-digit multiples.

Eni, which this month boosted business with the purchase of Italy's second electric vehicle charging company, Be Power, expects core profits from the unit to reach €1.2 billion by 2025, up from €0.6 billion this year.