The hedge fund, which is overseen by Daniel Och formerly of Goldman Sachs, filed a registration statement with the Securities and Exchange Commission yesterday.
According to the filing, the sale will involve only class A shares, although the fund did not provide further information as to numbers of shares to be sold or the price.
However, the firm did disclose that it will reinvest the money raised in their funds for five years and that it will borrow $750 million to be paid to Och and 17 other owners before the sale.
Och Ziff, which manages assests worth $26.8 billion, posted profits of $85.2 million from revenue of $284.4 million for the first three months of 2007.
News of the move from Och Ziff follows rival hedge funds Blackstone Group and Fortress recent IPO's, which raised $4.1 billion and $634 million