US-based workforce solutions provider Tryfacta has filed draft papers for an Initial Public Offering (IPO) at Gujarat International Finance Tec-City (GIFT City). This landmark move could make Tryfacta the first US-headquartered company to list its equity shares in India through the International Financial Services Centre (IFSC) framework, underscoring GIFT City's ambition to become a global financial hub.
Headquartered in Dublin, California, Tryfacta was founded in 1996. The company specializes in providing AI-enabled workforce and technology solutions, primarily serving federal, state, local, and education (SLED) agencies across the United States. Its services have expanded beyond healthcare and IT staffing to include payroll management, executive recruitment, and managed services.
IPO Details and Listing
The proposed IPO comprises a fresh issue of up to 13.3 million shares and an offer for sale of up to 3 million shares by existing shareholder Ratika Tyagi. The entire issue will be denominated in US dollars and is planned for listing on NSE IFSC Limited (NSE IX) and India International Exchange (India INX).
Proceeds from the fresh issue are intended for several key purposes: repayment of existing working capital facilities, funding strategic acquisitions and investments, and addressing general corporate requirements.
Strong Government Contracts and Financial Growth
Tryfacta's business model heavily relies on long-term contracts with US government agencies. As of December 31, 2025, approximately 47% of its contracts had durations ranging from five to ten years, with another 38% spanning two to five years. In fiscal year 2025, the company served 105 clients and had secured contracts from over 220 federal and SLED clients across 41 US states. Notably, in March 2026, Tryfacta secured two task orders exceeding $62 million under a medical services contract supporting US Army installations in Texas.
Financially, Tryfacta has demonstrated consistent growth. Net revenue increased from $37 million in fiscal 2023 to $50.5 million in fiscal 2025, representing a compound annual growth rate (CAGR) of 16.76%. Gross profit also rose from $4.9 million to $6.6 million over the same period.
India Presence and Global Expansion
Tryfacta already maintains a significant operational footprint in India through its Global Capability Centre (GCC) in Mohali. This center supports various functions including recruitment, technology development, pre-sales, and account management activities. Through its subsidiary, Tryfacta Global IFSC Private Limited, the company aims to expand its international service offerings directly from GIFT City.
YOKI Financial Services Private Limited is acting as the book-running lead manager for this historic offering.