Entrata wants to go public. It has not said for how much.
The Silicon Slopes software company filed an amended registration statement with the Securities and Exchange Commission on June 11, revising the prospectus it first submitted on May 28. The document carries no price range, no share count, and no offering size. What it carries instead is a benchmark. Last year Blackstone bought a minority stake at a $4.3 billion valuation. That is the figure public investors will now weigh.
Entrata builds the software that runs apartment buildings. Owners, operators, residents, and vendors work on one system. The company powered 2.5 million units as of March 31, roughly 10 percent of the U.S. multifamily market. Four of the ten largest operators in the country run on it.
The business is growing and profitable. Revenue rose 24 percent last year, to $509.3 million. Operating margin reached 26 percent in the first quarter, up from 18 a year earlier. Net income for 2025 was $50.7 million.
Two things complicate the picture.
The first is debt. Entrata carries about $270 million in net debt, against $119.9 million in cash. Most of it dates to a 2025 refinancing. The company borrowed, then paid its owners a $356.3 million dividend in November. It now plans to use part of the IPO to pay some of the loan back.
The second is the books. The filing discloses a material weakness in its internal financial controls. Entrata has not finished fixing it. The company warns that if the fix fails, its financial reporting could suffer.
Silver Lake has controlled Entrata since 2022 and will keep control after the offering. Class B shares carry ten votes each. A stockholders agreement lets the firm veto major decisions, from hiring a chief executive to selling the company. Entrata will list as a controlled company under NYSE rules.
No one has set a price yet. Industry estimates put the raise near $500 million. One analysis of the prospectus modeled a debut value of $2.5 billion to $3.0 billion, below the Blackstone mark. That is an estimate, not a term sheet.
Qualtrics was Silicon Slopes' last great public debut. Silver Lake took it private two years later. Now the same firm is steering Entrata the other way.
