Pilipinas Shell Petroleum Corp. plans to offer 330 million primary and secondary shares in the Philippine Stock Exchange in late October, which will be priced at around PHP 90 (USD 1.91) per share, according to the company’s regulatory filing with the Philippine Securities and Exchange Commission (SEC). These shares represent 18.6% of the company’s outstanding capital stock.

The initial public offering is in line with the Philippine Oil Deregulation Law, which requires domestic oil companies to have at least 10% of its shares listed in the Philippine Stock Exchange.

The local subsidiary of Royal Dutch Shell Plc hopes to raise up to PHP 30 billion (USD 635.6 million) in what could be the country’s third and largest initial public offering this year.

According to the company’s prospectus, 270 million out of the 330 million shares will be sold by Shell Overseas Investments B.V., Insular Life Assurance Co. Ltd., and Spathodea Campanulata Inc. The bulk of the proceeds will go to these shareholders. The remainder of the proceeds will fund Pilipinas Shell’s capital expenditure, working capital and other corporate expenses.