Car rental firm Zipcar has filed for an initial public offering in the United States, potentially valuing the company at some $75 million.

The Cambridge, Massachusetts-based company filed a registration statement on Form S-1 with the US Securities & Exchange Commission, and will use funds generated to pay debt and further expansion.

Founded just a decade a go, Zipcar plans to plans to go public on the NASDAQ stock exchange under ticker symbol ‘ZIP’.

However, the number of shares to be offered and the price range for the offering have not yet been determined, the company said in a statement.

The car rental company has proved popular with business users, allowing clients to rent vehicles for as little as an hour.

Zipcar operates in urban areas and college campuses throughout the United States, Canada and the United Kingdom.

It offers more than 30 makes and models of self-service vehicles to residents and businesses looking for an alternative to the high costs and hassles of owning a car.

In April this year the company purchased UK-based Streetcar to fuel growth overseas.

The book-running managers of the proposed offering will be Goldman, Sachs & Co. and JP Morgan.