Queensland Treasurer Andrew Fraser proudly announced that the multi-billion-dollar float of Queensland Rail is rolling according to plans.

Fraser's remarks confirm the initial public offering (IPO). The network's owner plans to start the pre-registration process by the end of September.

The Queensland government will retain between 25 and 40 percent of the equity for the $7 billion freight business. Forty percent or or $2 billion of the $5 billion to be raised may be in the form of debt.

The Australian Securities and Investments Commission (ASIC) is expected to clear the pre-registration by mid-October. The IPO requires around five weeks of marketing and this will bring the float date to be set before the US Thanksgiving holiday on November 25.

The float hurdled through obstacles earlier this week. The National Competition Council ruled that the network should remain under the supervision of the Queensland Competition Authority (QCA) rather than a federal regulator. The decision ended the Asciano Group's (ASX: AIO) efforts to have the network "declared" under federal jurisdiction and handed to the ASIC for oversight.

Asciano has been increasing its market share on Queensland tracks. The group wanted users to be able to ask the ACCC to set freight rates if they were unable to negotiate a fair price with QR National.