The low cost carrier has hired Deutsche Bank AG, Evercore and JPMorgan Chase & Co to manage its IPO.

The New York Times has reported citing sources familiar with the matter at hand that Denver based, Frontier Airlines, a budget carrier, is preparing for an initial public offering and has hired banks for the same.

Sources have revealed that Frontier Airlines has hired Deutsche Bank AG, Evercore and JPMorgan Chase & Co to manage its debut.

Valued at nearly $2 billion, Frontier Airlines is planning to raise $500 million from the primary market, reported NYT citing sources.

Frontiers Airlines is owned by Indigo Partners, a private equity firm.

When asked to respond to requests for comments, neither Evercore, Deutsche Bank, nor JPMorgan Chase were immediately available for comment outside U.S. business hours.

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Tags: budget carrier, Deutsche Bank AG, Evercore, Indigo Partners, Initial public offering, IPO, JPMorgan Chase & Co, low cost carrier, New York Times, private equity firm