An official from the Philippine Department of Energy (DOE) confirmed Pilipinas Shell’s plans for an initial public offering (IPO), which is mandated under the country’s downstream oil sector deregulation law.

DOE officer-in-charge Zenaida Monsada revealed that Shell officials have informally advised the agency of its plans to offer shares to the public.

“They have not sent us a formal letter, but they indicated that they have clearer plans for an IPO,” Monsada said. “The indications are—soon, they will get listed.”

Monsada said she had a meeting “very recently” with Shell officials on the matter.