The US property management software platform Entrata filed for an initial public offering with the Securities and Exchange Commission last week, with a potential fundraising target of up to $5 billion.
This year has seen a notable absence of large software companies from the IPO market. Including Entrata, there are now only three software issuers in the public filing pipeline aiming to raise over $1 billion.
Entrata provides an operating system for property management targeting the US multifamily housing market. As of March 2026, its services cover approximately 2.5 million units, serving owners, operators, and residents.
The platform integrates a full suite of property lifecycle functions—including leasing, accounting, payments, tenant screening, renter insurance, and utility management—into a single sign-on system.
Revenue for the company is primarily derived from subscription fees and transaction-based fees, with the latter largely driven by payment processing volume.
Under its Homebody brand, Entrata also offers residents a range of embedded financial and lifestyle products.
Founded in 2003 and headquartered in Lehi, Utah, the company generated revenue of $536 million over the 12 months ended March 31, 2026.
Entrata plans to list on the New York Stock Exchange under the ticker symbol ENT. The company had confidentially submitted its IPO paperwork on December 17, 2025.
Goldman Sachs, J.P. Morgan, Barclays, BofA Securities, Needham & Company, Raymond James, UBS Investment Bank, Wells Fargo Securities, William Blair, KeyBanc Capital Markets, Stephens Inc., and Truist Securities are acting as joint book-running managers for the offering.
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