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Business minister Michael Fallon: "This is a huge day for Royal Mail"
Royal Mail is to be valued at between £2.6bn and £3.3bn, the government says.
The Department for Business said on Friday that Royal Mail would list on the London Stock Exchange next month. BBC business editor Robert Peston says that the privatisation should be completed by 15 October.
He adds that this is "long before" a possible strike could happen.
Postal workers will on Friday begin voting on whether to take industrial action to oppose the plan.
In a statement the government said that 10% of the shares, which will be priced between 260p and 330p, will be given to around 150,000 "eligible UK-based Royal Mail employees".
The government will also sell between 40.1% and 52.2% of the Royal Mail under its privatisation proposal.
End QuoteThere is perhaps a Thatcherite confrontational tint to the whole exercise, unusual for a government led by David Cameron, whose own ideological roots seem more Blairite than Iron Lady."
Business Secretary Vince Cable said: "This will give Royal Mail access to the private capital it needs to modernise, as envisaged under successive governments and enshrined in law by Parliament two years ago. "
Moya Greene, chief executive of Royal Mail, said that the company would "not change".
"We will now be better able to compete in what is a fast changing and intensely competitive market," she added.
Strikes?Members of the public can apply for Royal Mail shares online until 8 October.
The minimum application for the public wishing to purchase shares is £750, and £500 for eligible Royal Mail employees.
The Communication Workers Union (CWU) is balloting 100,000 of its members on a nationwide strike over the privatisation, as well as on changes to salary and pensions.
The CWU on Friday sent a statement to its members which said: "Those who want to sell off the Royal Mail Group are motivated purely by short-term gain and vested interests."
Voting in the strike ballot will close on 16 October.
Our business editor adds that this is a "very big moment" in the history of the 500-year-old postal service, describing the government's programme as "ambitious".
He adds: "Remember that industrial relations are pretty terrible at the moment, and the government's timetable for this means it is now impossible for there to be a strike before the privatisation is done. It will be in the private sector before there can be a strike."
Business minister Michael Fallon told the BBC that the six-day-a-week delivery, or "universal service", was "completely protected," but private investment would help the Royal Mail improve that service.
"It's a business that needs access to private capital," he added.
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