What is First Student Inc. planning?

First Student Inc. is planning an initial public offering (IPO) to become a publicly traded company.

Which banks are helping First Student with its IPO?

Goldman Sachs, Morgan Stanley, and Royal Bank of Canada are assisting First Student with its IPO.

How large is First Student's operation?

First Student operates approximately 47,000 vehicles and employs 63,000 people across the US and Canada.

Home / Business and Economy / Student Transport Giant First Student Eyes IPO

Student Transport Giant First Student Eyes IPO

10 Jan

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Summary

First Student Inc., backed by EQT AB, is preparing for an initial public offering.
Goldman Sachs, Morgan Stanley, and RBC are guiding the share sale process.
The company operates 47,000 vehicles and employs 63,000 people across North America.

Student Transport Giant First Student Eyes IPO

EQT AB-backed First Student Inc. is in the process of selecting banks to arrange its initial public offering (IPO). The Cincinnati-based company is working with Goldman Sachs Group Inc., Morgan Stanley, and Royal Bank of Canada for this significant first-time share sale, with deliberations still ongoing regarding the timing. EQT acquired First Student in 2021 as part of a $4.6 billion deal.

First Student, a company with a history spanning over 100 years, is a substantial player in student transportation. As of the first quarter of fiscal year 2026, it operates approximately 47,000 vehicles and employs around 63,000 individuals throughout the United States and Canada. The company is also noted for its growing fleet of electric vehicles.

While EQT has held preliminary talks about a potential IPO since last year, a final decision on proceeding with the stock sale has not yet been made, and the firm could opt to retain the asset longer. Representatives for EQT and the banks involved have declined to comment on the ongoing discussions.