Private equity-backed Entrata (ENT Proposed), the tech company that caters to apartment complex owners and managers, joined the “Summer of SpaceX” IPO conga line early today. Since Tuesday morning, six companies have disclosed terms and launched their IPOs to raise about $4.29 billion in deals set to price next week. (Please see the IPO Calendar on IPOScoop.com.) IPO investors are also waiting for SpaceX (SPCX Proposed) to unveil its terms next week.
Lehi, Utah-based Entrata filed its S-1 today after the sun rose over Manhattan – without disclosing the IPO’s terms – in a document dated May 28, 2026. Some Wall Street pros estimate that Entrata’s IPO could raise about $500 million or maybe more. This is a New York Stock Exchange listing.
Goldman Sachs, J.P. Morgan and Barclays are leading the joint book-running team.
Millions of Apartments on One Platform
Entrata provides proprietary software on a single platform to connect apartment owners, operators, residents and vendors, according to the prospectus.
“We refer to our proprietary approach designed to automate the entire lifecycle as Autonomous Property Management® (“APM”),” Entrata said in the prospectus.
“As of March 31, 2026, we powered 2.5 million units, or roughly 10 percent of the U.S. multifamily market, with particular strength among the largest and most complex enterprise operators, which we define as operators managing properties with units ranging from thousands to hundreds of thousands,” the prospectus said.
Entrata, founded in 2003, will use some of the IPO’s proceeds for working capital – and some of the money may go toward repaying some debt.
After the IPO, entities affiliated with Silver Lake Group will still control Entrata, the prospectus said. Silver Lake Group is affiliated with Silver Lake Capital, a major private equity firm that specializes in tech investments. In March 2022, the Silver Lake stockholders acquired a majority stake in Entrata, according to the prospectus.
Entrata is profitable: Net income of $60.08 million on revenue of $536.2 million for the 12 months that ended March 31, 2026, according to the prospectus.
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