The UK government said Friday it would sell a majority stake in Royal Mail Group in an initial public offering that values the state-owned postal service at as much as £3.3 billion, marking the biggest privatisation in Britain in years.

The government said it would retain a stake in Royal Mail of between about 38% and just under 50%, and seek to sell the remaining shares for between 260 pence and 330 pence a share. Based on the price range, the company will have a market capitalisation of £2.6 billion to £3.3 billion.