If the issue goes ahead as planned, Tryfacta would become the first company headquartered in the US to list its equity shares in India through the GIFT City ecosystem.
According to the draft filing, the IPO will consist of a fresh issue of up to 13.3 million equity shares and an offer-for-sale of up to 3 million shares by existing shareholder Ratika Tyagi.
The offering is expected to be denominated in US dollars and is likely to raise between $100 million and $150 million.
The company plans to list its shares on NSE IFSC and India International Exchange.
Funds raised through the fresh issue will be used to repay or prepay working capital borrowings, support acquisition-led expansion and strategic investments, and meet general corporate requirements.
Established in 1996 and based in California, Tryfacta provides AI-enabled workforce management and technology solutions to US federal agencies as well as state, local and education (SLED) institutions. Its service portfolio spans recruitment, payroll administration, executive search, managed services and workforce solutions across healthcare, information technology, administrative and professional services.
As of December 31, 2025, the company had secured staffing and professional services contracts from more than 220 federal and SLED customers across 41 US states. Nearly half of these contracts had tenures ranging between five and ten years, while around 38% had durations of two to five years.
Tryfacta served 105 clients during fiscal 2025, up from 70 clients in fiscal 2024. Over the same period, it deployed a contractual workforce of 2,591 professionals compared with 3,960 in the previous year across various federal and SLED assignments.
The company also operates a Global Capability Centre (GCC) in Mohali, India, which supports recruitment, technology development, pre-sales activities and account management functions.
Through its subsidiary, Tryfacta Global IFSC Private Ltd, which is registered as a BATF service provider, the company plans to expand its international services platform from GIFT City.
Financially, Tryfacta reported net revenue of $50.5 million in fiscal 2025, compared with $37 million in fiscal 2023. Gross profit increased to $6.6 million from $4.9 million during the same period.
YOKI Financial Services is acting as the book-running lead manager for the proposed offering.
