MANILA - The P29.7 billion initial public offering (IPO) of Pilipinas Shell Petroleum Corp. has been approved by the Securities and Exchange Commission (SEC), the regulator said on Tuesday.

Pilipinas Shell plans to push through with the offer, which could be one of the country's largest maiden share offerings, despite the current decline in the stock market, SEC Commissioner Ephyro Luis Amatong said.

"With approval by the Commission today, the timeline suggested by Shell and its underwriter BPI Capital will still be completed by November," he said.

The company's request to allow local small investors to purchase more than the maximum P20,000 worth of shares was also approved, Amatong added.

Pilipinas Shell will sell up to 300 million primary and secondary shares at up to P90 per share. The shares represent 18.6 percent of the outstanding capital stock of the company.

Pilipinas Shell will be the country's third IPO this year after Golden Haven Memorial Parks Inc. and CEMEX Holdings Philippines Inc.