Tryfacta Files for GIFT City IPO; First US Firm to List in India?

Tryfacta, a US-based workforce solutions provider, filed draft papers for an initial public offering on GIFT City's exchanges. The company is proposing 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 listed on NSE IFSC Ltd (NSE IX) and India International Exchange (India INX).

If completed, Tryfacta would become the first US-headquartered company to list equity in India. The filing comes months after XED Executive Development Centre withdrew its proposed public issue, which had been slated as the first IPO under the IFSC listing framework.

Tryfacta provides staffing, recruitment and workforce management services to US federal and state government agencies. Founded in 1996 and headquartered in Dublin, California, the company is led by Ratika and Adesh Tyagi. It 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.

The company's offerings span recruitment, temporary and permanent staffing, payroll administration, executive hiring, managed services and workforce management. Its operating model is supported by AI-powered recruitment tools, automated candidate screening, digital onboarding and workforce management platforms, the company said.