Inovent Capital Inc. and Canada Jetlines Ltd. filed documents with regulators to raise C$50 million ($44.5 million) in an initial public offering to fund a new airline.

Jetlines and Inovent are merging and plan to start an “ultra-low cost” domestic airline out of Vancouver International Airport next year, the companies said today in a statement. The airline plans routes that avoid direct competition with current airlines.

“We’re very excited about, hopefully in the second quarter of 2015, bringing affordable airfares to Canadians,” Canada Jetlines president David Solloway said today in a telephone interview.

The offering is being led by AltaCorp Capital Inc. and Euro Pacific Canada Inc.

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Photo Credit: A rendering of a Canada Jetlines plane. Canada Jetlines