US Tech Firm Tryfacta Plans to Launch IPO at GIFT City to Raise Funds

US-based company Tryfacta Inc plans to file draft papers for an initial public offering (IPO) by the end of this month. As per the news reports, the company is looking to raise between $100 million and $150 million through a listing on the international exchanges at Gujarat International Finance Tec-City (GIFT City).

Tryfacta Background

Tryfacta was founded in 1996 in California by Ratika and Adesh Kumar Tyagi. It provides IT services, technology solutions, staffing, and payrolling for government and institutional clients. The company works across sectors, including healthcare, IT, engineering, education, professional services, and consulting.

Contracts and Workforce

The company has secured contracts with US government agencies such as the Defence Health Agency ($43 billion), Defence Logistics Agency ($11.9 billion), and Department of Veterans Affairs ($100 million). State and local contracts include Florida ($143 million) and Baltimore County Public Schools ($55 million).

Tryfacta’s workforce has grown from 205 employees in 2020 to more than 4,000 in 2024. Most new roles have been in non-IT work, followed by healthcare and IT. Active contracts have increased from 10 in 2020 to over 150 currently, mostly lasting five to ten years.

GIFT City Exchanges

GIFT City hosts two international exchanges – India INX and NSE International Exchange (NSE IX). These allow companies to list internationally and raise foreign capital. So far, only Mumbai-based ed-tech firm XED has filed for an IPO at GIFT City, submitting draft papers in August to fund working capital, technology upgrades, and corporate needs.

IPO Management

As per the news reports, Yoki Financial Services, a subsidiary of Mefcom Capital and an IFSCA-registered investment bank, has been appointed as the lead manager for Tryfacta’s IPO. Attempts to reach the company for comment on the filing were not receive a response.

Read More: IPO Alert: Advit Jewels Submits DRHP With SEBI to Raise Funds!

Conclusion

If the IPO goes through, Tryfacta will be among the first US companies to list on GIFT City’s international exchanges. The filing adds to the limited activity on these exchanges and shows ongoing use of GIFT City for overseas listings.

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