US-based workforce solutions provider Tryfacta has filed draft papers for an initial public offering (IPO) on GIFT City’s exchanges, setting the stage for what could be the first equity listing in India by a US-headquartered company.
The company, which provides staffing, recruitment and workforce management services to US federal and state government agencies, has proposed a fresh issue of up to 13.3 million equity shares and an offer for sale of up to 3 million shares by shareholder Ratika Tyagi. The issue will be denominated in US dollars and the shares are proposed to be listed on NSE IFSC Ltd (NSE IX) and India International Exchange (India INX).
The filing assumes significance for GIFT City’s emerging capital markets ecosystem, coming months after the withdrawal of XED Executive Development Centre’s proposed public issue, which was slated to be the first IPO under the IFSC listing framework.
As per the draft offer document, the company intends to utilise the net proceeds from the fresh issue towards repayment and/or pre-payment of working capital facilities, funding inorganic growth through acquisitions and strategic investments, and for general corporate purposes. Founded in 1996 and headquartered in Dublin, California, Tryfacta is led by Ratika and Adesh Tyagi. The company has evolved from a healthcare, IT and commercial staffing firm into a workforce solutions provider serving Federal government agencies and State, Local and Education (SLED) clients across the US.
Service portfolio
Its offerings span recruitment, temporary and permanent staffing, payroll administration, executive hiring, managed services and workforce management. The company said its operating model is supported by AI-powered recruitment tools, automated candidate screening, digital onboarding and workforce management platforms. While its primary focus remains Federal and SLED programmes, the company also provides direct placement services and payroll solutions covering compliance, benefits administration and wage processing for contractual employees.
The company also operates a Global Capability Centre (GCC) in Mohali, supporting recruitment operations, technology development, pre-sales and account management functions. Through its subsidiary, Tryfacta Global IFSC Private Ltdi — an IFSC unit registered as a BATF service provider under IFSCA regulations—the company plans to expand its international service offerings from GIFT City.
In March 2026, the company secured two task orders with an aggregate value exceeding $62 million under a medical services contract vehicle supporting US Army installations in Texas. Financially, Tryfacta reported net revenue of $50.5 million in fiscal 2025, up from $37 million in fiscal 2023, representing a compound annual growth rate of 16.76 per cent. Gross profit increased from $4.9 million to $6.6 million during the same period.