"After a risk and benefit assessment, we will decide about the (initial public offering) size, but I am positive it will not exceed 25 percent of the company shares," he said on the sidelines of an energy summit in Budva, Montenegro.
He also said the government was about to commission a feasibility study for the construction of a liquefied natural gas (LNG) import terminal in the northern Adriatic, which would serve central and southeast European markets.
Europe wishes to reduce its reliance on Russian gas imports, which prompted Russia late last year to cancel its South Stream pipeline project.
The terminal would be built on the island of Krk, at the southern end of a gas pipeline corridor connecting Croatia and Poland's Baltic port of Swinoujscie by 2020.
"We are due to sign a deal with consultants who will complete a feasibility study by the end of this year," Vrdoljak said. "The final decision will be taken in the first quarter of 2016," he added.
Mladen Antunovic, managing director of LNG Croatia, said the company would invite expressions of interest from potential investors in the project before July.
"After the cancellation of the South Stream pipeline project, this is the most realistic and logical project for southeast and central Europe" he said.
The terminal's tentative value is seen at around 600 million euros and its capacity at between 4 and 6 billion cubic metres of gas a year.