Pilipinas Shell Petroleum Corp. (PSPC) is aiming to raise as much as P29.7 billion through its initial public offering (IPO), which could be one of the country’s biggest stock market listings.

In documents filed with the Securities and Exchange Commission, PSPC said they will offer up to 330 million shares at P90 per share starting in November this year.

BPI Capital and JP Morgan will handle the oil firm’s domestic, and global and international books, respectively. Money from the sales will be used for PSPC’s capital expenditures, corporate expenses, and working capital.

The tentative offering period is set between October 26 to November 3, and the official listing date is going to be on November 10.

Under the Oil Deregulation Law of 1998, oil firms are required to submit 10% of their shares to the local stock market, within three years from its effectivity. PSPC should have completed its IPO in 2002.

Shell cited the unfavorable market conditions that sprung during the 2007 Asian financial crisis for the delay in its IPO listing. It also said its decade-old delay was due to low oil prices and regulatory issues in the past years.

At its offering of P29.7 billion (US $629 million), the IPO can exceed the recent offering of Cemex Holdings Philippines Incorporated, which stands at US $523 million and it’s the largest IPO in the Philippines to date.

It can also be this year’s third IPO listing after Golden Haven Memorial Parks Inc. and Cemex.