US-Based Tryfacta Plans IPO at GIFT City to Raise Up to $150 mn

US-based Tryfacta Inc is planning to file draft papers for its initial public offering (IPO) by the end of this month to raise USD 100-150 million through a listing on the international exchanges at Gujarat International Finance Tec-City (GIFT City), according to people familiar with the development.

Currently, the only other company that has filed for an IPO at GIFT City exchanges is Mumbai-based education platform XED, which submitted its draft papers in August. XED aims to garner funds for working capital needs, technology capex, and general corporate purposes.

At present, there are two GIFT City Exchanges -- India INX and NSE International Exchange (NSE IX) -- located within GIFT City.

According to sources, Yoki Financial Services, an arm of Mefcom Capital and an IFSCA-registered investment bank, has been appointed as the lead manager for Tryfacta’s public offering.

An email sent to Yoki Financial Services seeking comments on the development remained unanswered.

Headquartered in California, Tryfacta was co-founded in 1996 by Ratika and Adesh Kumar Tyagi. The company provides IT services, technology, staffing, and payrolling solutions to government and institutional clients across the United States, catering to sectors such as healthcare, IT, engineering, education, professional services, and consulting.

Some of Tryfacta's recent large wins include projects with the US Defense Health Agency (USD 43 billion), the US Defense Logistics Agency (USD 11.9 billion), and the US Department of Veterans Affairs (USD 100 million). It has also executed contracts for state and local government entities, including the State of Florida (USD 143 million) and Baltimore County Public Schools (USD 55 million).

The AI-driven company has expanded its workforce from 205 employees in 2020 to over 4,000 in 2024, primarily in non-IT roles, followed by healthcare and IT segments. Its active contracts have also surged from 10 in 2020 to over 150 currently, with most spanning five to ten years.