US workforce solutions firm Tryfacta files for GIFT City IPO, a first for India

US-based workforce solutions company Tryfacta has filed draft papers for an initial public offering (IPO) at Gujarat's GIFT City, marking a milestone that could make it the first foreign company headquartered in the United States to list its equity shares in India through the International Financial Services Centre (IFSC) framework.

The company, which provides AI-enabled workforce and technology solutions to government agencies across the United States, plans to list on NSE IFSC Limited (NSE IX) and India International Exchange (India INX). The offering comprises a fresh issue of up to 13.3 million shares and an offer for sale of up to 3 million shares by shareholder Ratika Tyagi. The issue will be denominated in US dollars.

Founded in 1996 and headquartered in Dublin, California, Tryfacta specializes in staffing and workforce solutions for federal, state, local and education (SLED) agencies in the US. Over the years, the company has expanded beyond healthcare and IT staffing into payroll management, executive recruitment and managed services.

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Its operating model increasingly relies on artificial intelligence and digital tools, including automated candidate screening, AI-powered recruitment and digital onboarding systems.

According to the draft offer document, the proceeds from the fresh issue will be used to repay working capital facilities, fund acquisitions and strategic investments, and meet general corporate requirements.

Strong US government business

Tryfacta's business is largely driven by long-term contracts with government agencies. As of December 31, 2025, nearly 47% of its contracts had tenures ranging from five to ten years, while another 38% had durations between two and five years.

The company served 105 clients in fiscal year 2025 and had been awarded contracts from more than 220 federal and SLED clients across 41 US states.

In March 2026, Tryfacta secured two task orders worth more than $62 million under a medical services contract supporting US Army installations in Texas.

Financially, the company has posted steady growth. Net revenue increased from $37 million in fiscal 2023 to $50.5 million in fiscal 2025, representing a compound annual growth rate of 16.76%. Gross profit rose from $4.9 million to $6.6 million during the same period.

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India operations and GIFT City expansion

Tryfacta already has a significant presence in India through its Global Capability Centre in Mohali, which supports recruitment, technology development, pre-sales and account management activities.

Through its subsidiary, Tryfacta Global IFSC Private Limited, the company plans to expand international service offerings from GIFT City. The subsidiary is registered as a BATF service provider under IFSCA regulations.

The proposed listing is another step in GIFT City's efforts to position itself as a global financial hub and attract international companies seeking access to Indian capital markets.

YOKI Financial Services Private Limited is acting as the book-running lead manager for the issue.