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Frontier Airlines, the discount carrier that is based in Denver, filed late on Friday to fly onto the public equities market.

The group said in a filing with US securities regulators that it plans to raise up to $100m in its initial public offering. The figure is often a placeholder that is updated later as the group’s underwriters market the offering to investors.

The aviation industry has undergone significant change in recent years, with major carriers looking to right-size capacity and balance pricing and amenities. Frontier competes with other low-cost players, like Spirit Airlines, and offers flights in the US, and to Mexico and the Caribbean.

Frontier filed for bankruptcy in 2008 amid a surge in fuel costs, emerging the following year as it was acquired by Republic Airways. It was later purchased by Indigo Partners, the private equity shop. The group did not say in initial filing with the Securities and Exchange Commission how much of its stake Indigo plans to sell.

Frontier’s revenues have ticked higher in recent years. They clocked in at $1.59bn in 2014, then rose to $1.6bn the following year, and hit $1.71bn in 2016. Net profits rose almost 37 per cent last year to $200m.

No airline has floated its shares in the US since Virgin America’s 2014 deal, according to Dealogic data. The syndicate market has itself shown signs of heating up, with Snapchat parent Snap hitting public markets in a much-awaited debut earlier this month.

Citigroup, Deutsche Bank, Evercore and JPMorgan are acting as representatives for the underwriters.

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