The shares are being placed with institutional investors at between 31.53 euros and 32.10 euros apiece, the offer document, which was seen by sister news service Reuters, shows.
This values the placement at up to 1.12 billion euros ($1.5 billion).
JPMorgan and Bank of America Merrill Lynch are in charge of the accelerated bookbuilding process, the offer document said.
KKR and Permira bought a controlling stake in ProSiebenSat.1 in 2006 and merged it with SBS Broadcasting, a media group they had acquired a year earlier. Since then they have been exiting their investment in stages.
The two investors sold a quarter of their stake in the broadcaster in September.
Alexander Huebner and Blaise Robinson are reporters for Reuters News