Entrata filed to go public on May 28. The Lehi company submitted its S-1 registration statement to the SEC and will list on the New York Stock Exchange under the ticker ENT.
The filing ends months of speculation. Bloomberg reported in January that the company had hired Goldman Sachs and JPMorgan and could raise roughly $500 million. Renaissance Capital confirmed Entrata filed confidentially on December 17, 2025, and estimates the deal could raise up to $500 million.
The numbers are now public. According to the S-1, Entrata generated $509.3 million in revenue in 2025, up 24 percent from $412 million the year before. Net income more than doubled, from $21.8 million to $50.7 million. The first quarter of 2026 continued the trend: $143.5 million in revenue and $23.3 million in net income, against $116.6 million and $13.9 million a year earlier. The company's software now runs 2.5 million apartment units, roughly 10 percent of the U.S. multifamily market. Four of the ten largest property managers in the country run on Entrata, including the two largest.
The company was incorporated in 2003 as Property Solutions International and took the Entrata name in 2015. Adam Edmunds is the chief executive. The S-1 states the company's mission simply: to "create a better living experience in every residential community."
The ownership story is the one to understand. Silver Lake first invested in July 2021 and acquired majority control in March 2022, according to the filing. Blackstone announced a $200 million minority investment in May 2025 at a $4.3 billion valuation. Dragoneer Investment Group also holds a stake.
The filing contains details that deserve attention. In November 2025, Entrata paid a $356.3 million special dividend to its shareholders, funded in part by a term loan. The company carried $389.6 million in long-term debt and $119.9 million in cash as of March 31, and a portion of the IPO proceeds may be used to repay that debt. The S-1 also discloses a material weakness in internal control over financial reporting that has not been fully remediated. And the company will go public with three classes of stock. Class B shares carry ten votes each and will be held by Silver Lake, Edmunds, and president Chase Harrington. Class A shares, the ones being sold to the public, carry one. A stockholders' agreement gives Silver Lake consent rights over major decisions, including hiring or firing the CEO, declaring dividends, and approving any sale of the company. Entrata will trade as a controlled company. SaaStr's analysis reads the offering as the leading edge of a wave of private equity-backed software companies seeking exits, and points to AppFolio, at roughly $950 million in revenue and 20 percent growth, as the closest public comparison.
None of this is unusual for a sponsor-backed IPO. It is how these deals work. Investors will price it accordingly.
The timing matters. Software companies have been largely absent from the 2026 IPO market following a first-quarter selloff. Renaissance Capital strategist Matt Kennedy told Reuters that technology has been the missing pillar of this year's market, that the Entrata filing signals a rebound, and that investors will demand a convincing answer on AI disruption.
Entrata's answer fills much of the S-1. The company calls its approach Autonomous Property Management, built on an AI engine it calls Entrata Layered Intelligence. The system processes over 4.5 billion transactions daily and sells premium AI agents for leasing, payments, renewals, and maintenance. The pitch to investors is that a unified system of record, not a general-purpose AI tool, is what makes automation work in property management.
The public markets will render their verdict on that argument. What is already settled is where this filing sits in Utah history. Instructure went public in 2015, among the first of the modern Utah tech companies to do so. Pluralsight raised $310 million in May 2018. Domo raised $193 million a month later. Qualtrics raised $1.55 billion in January 2021, the largest IPO in state history. Entrata, last valued at $4.3 billion, would join that short list near the top.
What began as Property Solutions International in 2003 is now set to list on the New York Stock Exchange.
