Tryf‌‌acta Gift City IPO Explained: Wh‌y the US Firm Is Listing in GIFT City to Raise Up to $150 Million

Mumbai, June 12: Tryfacta Inc., a US-based firm, is now closer to becoming the first American company to seek listing via Gujarat International Finance Tec-City (GIFT City), India’s financial hub, by raising $100 million to $150 million through its initial public offering (IPO) on the international exchanges operating out of the International Financial Services Centre (IFSC). 

This proposed iss‌u‌e, which came to limelight in October 2025, and was followed by the filing of draft papers in June 2026, represents one of the most important cross-border fundraising drives via GIFT City, and highlights the growing importance of India’s international financial hub in drawing overseas issuers. 

$100M to $150 Million IPO Plans Filed by Tryfacta in One of the Biggest Overseas Fundraisings 

According to the reports released in October 2025, Tryfacta plans on raising between $100 million and $150 million through its IPO on the international exchanges of GIFT City. The reports published in October 2025 revealed that the company was expected to submit its draft documents by the end of the month, while further developments have since confirmed progress towards the listing process. 

The proposed public issue is structured through a combination of a fresh issue of shares and an Offer for Sale (OFS). According to reports, the OFS component could include up to 3 million shares offered by selling shareholder Ratika Tyagi. The company appointed Yoki Financial Services, an International Financial Services Centres Authority (IFSCA)-registered investment banker, as the lead manager for the transaction. 

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The fundraising target immediately placed the proposed issue among the largest capital-raising exercises by an international company through India’s emerging offshore financial ecosystem. 

First US Company Listing Creates Milestone for GIFT City Exchanges 

The proposed listing has attracted attention because it positions Tryfacta to become the first US-headquartered company to pursue a public listing through GIFT City’s exchanges. 

The development comes at a stage when only a limited number of companies have explored public market fundraising through the IFSC framework. Industry reports noted that Mumbai-based ed-tech platform XED had previously initiated a smaller offering, making Tryfacta’s significantly larger issue an important milestone for the ecosystem. 

The listing is expected to take place on the international exchanges operating within GIFT City, namely the India International Exchange (India INX) and the NSE International Exchange (NSE IX). These platforms were established to facilitate international capital raising and trading activities under a dedicated regulatory framework overseen by the International Financial Services Centres Authority. 

Global Investor Access Through India INX And NSE IX Drives Listing Choice 

One of the central factors behind Tryfacta’s decision is the access provided by GIFT City’s international exchanges to global pools of capital. 

The exchanges enable companies to raise foreign-currency funds from international and non-resident investors while remaining within India’s regulatory environment. This structure offers overseas issuers an additional route to access institutional capital and broaden their investor base. 

For a company such as Tryfacta, whose operations and clients span multiple jurisdictions, the availability of an international fundraising platform aligned with global business requirements appears to have been an important consideration in selecting the listing venue. 

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The IPO is therefore viewed not merely as a fundraising exercise but also as a demonstration of how foreign companies can utilise GIFT City’s infrastructure to access cross-border investment opportunities. 

Limited Overseas Listings Create Early-Mover Visibility Advantage 

At the time Tryfacta announced its fundraising plans, only a handful of companies had initiated listing processes under the GIFT City framework. 

This relatively limited participation created an opportunity for early entrants to gain visibility within a developing market segment. Reports indicated that Tryfacta’s proposed issue could become one of the earliest and largest examples of an overseas company using the IFSC structure for public fundraising. 

The move also aligns with ongoing efforts to position GIFT City as a recognised destination for international issuers seeking alternatives to traditional offshore financial centres. As one of the first foreign companies pursuing this route, Tryfacta’s IPO has been widely viewed as an important test case for the broader framework. 

GIFT City’s Global Finance Ambitions Gain Support from Foreign Issuers 

The proposed offering arrives as GIFT City continues efforts to establish itself as India’s international financial hub. 

Developed as the country’s first International Financial Services Centre, GIFT City was designed to facilitate global financial activities and attract business that would otherwise be conducted through established international centres. The unified regulatory structure administered by the International Financial Services Centres Authority has been positioned as a mechanism to simplify participation by overseas entities. 

Reports surrounding Tryfacta’s IPO highlighted the broader significance of the transaction for GIFT City’s development. The listing is widely regarded as a demonstration of the ecosystem’s ability to attract international businesses and support cross-border capital raising activities. 

The transaction therefore extends beyond the company itself and reflects ongoing efforts to strengthen the credibility and visibility of GIFT City within global financial markets. 

California-Based IT Services Firm Expanded Workforce Beyond 4,000 Employees 

Founded in 1996 by Adesh Kumar Tyagi and Ratika Tyagi, Tryfacta Inc. is headquartered in California, United States, and operates in the IT services, staffing, payrolling and technology solutions sectors. The company primarily serves government, institutional and public-sector clients across the United States. Over recent years, it has expanded significantly, with employee strength increasing from 205 employees in 2020 to more than 4,000 employees by 2024, while active contracts grew from 10 to over 150 during the same period. 

Government Contracts Worth Billions Support Operational Expansion 

The company’s growth has been supported by a series of government and institutional contracts across the United States. 

Reports highlighted engagements with agencies including the US Defense Health Agency, Defense Logistics Agency, Department of Veterans Affairs, and multiple state-level government bodies. Certain reports also referenced large contract opportunities linked to agencies such as the Defense Health Agency and state government departments. 

The company’s business model centres on delivering technology-enabled workforce solutions, staffing services and IT support to public-sector clients. This focus has enabled Tryfacta to build a sizeable portfolio of long-duration contracts, providing operational visibility and supporting expansion across its service offerings. 

The organisation also operates a Global Capability Centre in Mohali, India, which supports recruitment, technology development and related business functions. 

Revenue Growth to $50.5 Million Reflects Expanding Contract Base 

Reports associated with the IPO highlighted the company’s financial progress alongside its operational growth. 

Tryfacta reported net revenue of approximately $50.5 million in FY25, compared with $37 million in FY23. The increase reflects expansion in client engagements, contract wins and workforce scale during the period. 

The growth trajectory coincided with a sharp increase in employee numbers and active contracts, illustrating the company’s broader expansion strategy. Reports also indicated that a significant proportion of its contracts have multi-year tenures, contributing to revenue visibility across future periods. 

The planned IPO proceeds are expected to support several corporate objectives, including repayment of working capital borrowings, potential acquisitions and general corporate purposes. 

Tryfacta Global IFSC Unit Strengthens International Expansion Plans 

Reports also referenced the company’s subsidiary, Tryfacta Global IFSC Private Ltd, which operates within the GIFT City ecosystem. 

The subsidiary forms part of the company’s broader strategy to expand international offerings from India’s International Financial Services Centre. By establishing a presence within GIFT City, the company gains access to the infrastructure, regulatory framework and international market connectivity available through the IFSC platform. 

This operational presence further aligns with the company’s decision to pursue its public listing through the same ecosystem, creating a closer link between its fundraising activities and international expansion initiatives. 

Draft Filing Marks New Phase in Cross-Border Capital Raising 

The filing of draft papers in June 2026 represents a significant step in the progression of the proposed transaction. 

From the initial fundraising announcement in October 2025 to the advancement of the listing process, the proposed IPO has remained one of the most closely watched developments within GIFT City’s capital markets ecosystem. 

The transaction combines several notable elements: a US-headquartered issuer, a fundraising target of up to $150 million, participation through India’s international exchanges and utilisation of the International Financial Services Centre framework. 

Collectively, these factors have positioned the proposed IPO as a landmark development in the evolution of cross-border fundraising opportunities through GIFT City. 

Tryfacta’s proposed $100–150 million IPO represents one of the largest fundraising initiatives by an overseas company through GIFT City and could make it the first sUS-headquartered issuer to list on the platform. The transaction highlights the growing use of India’s International Financial Services Centre for cross-border capital raising, while also reflecting Tryfacta’s expansion from 205 employees to more than 4,000 employees and from 10 to over 150 active contracts between 2020 and 2024. 

Source 

• https://www.giftgujarat.in/news-and-updates  

• https://www.ifsca.gov.in