Tryfacta GIFT City IPO: First US-based company to list in India; can retail investors apply? Check details

The IPO market in India has been largely stagnant this year, with no major listings till date. On the other hand, the US equity markets, which are trading near their record high levels, are also witnessing strong activity in the IPO market. SpaceX will list on the bourses on Friday as the biggest IPO in the history of capital markets raising $75 billion. Meanwhile, big ticket AI companies too are lined up for public listing soon. On the other hand, the mainboard IPO activity in India remains stale as compared to previous years. However, investors are offered with a unique opportunity of investing in a US-based company in India.

Tryfacta an US-headquartered company will soon become first company to list in India. The company filed DOD ( Draft offer Document) with IFSCA ( International Financial Services Centres Authority) for listing on GIFT CITY exchanges.

Tryfacta, Inc. is an artificial intelligence AI-enabled provider of specialized workforce and technology solutions serving Federal government and State, Local and Education (“SLED”) government agencies across the United States. Upon listing, Tryfacta is expected to become the first US-headquartered (foreign) company to list its equity shares in India through the GIFT City framework.

Before we see what is Tryfacta IPO all about, and its key details. Let us understand, how Indian retail investor can participate in the IPO in GIFT CITY.

Can Indian retail investor participate in GIFT CITY IPO?

• Yes, retail investors can participate in any GIFT CITY IPO, only if they have a brokerage account with IFSC registered broker. The investors must open a dedicated broking account with brokers registered with IFSC, the regular broking account is not eligible for the application.

• Post the account opening, the investor needs to transfer the funds through LRS route (Liberlised remittance scheme) by RBI. Under the scheme RBI allows Indian citizen to transfer up to $2,50,000 per financial year to international accounts for investment and travel purposes.

• Once the amount is transferred, you can place the bid for the IPO and the denomitised in USD.

Note that the investment in GIFT City carries currency risks as all the transactions take place in US Dollar. Meaning, a weakening of rupee will be beneficial for your investment on redemption and vice-a-versa.

Tryfacta IPO key details

As indicated last year, the company planned to raise $100-$150 million through public issue. The proposed IPO comprises a fresh issue of up to 13.3 million equity shares and an offer for sale of up to 3.0 million equity shares by selling shareholder Ratika Tyagi. The issue will be denominated in US dollars, and the equity shares are proposed to be listed on NSE IFSC Limited (NSE IX) and India International Exchange (India INX).

Objects of the issue

The company intends to use the net proceeds of the fresh issue towards repayment and/or pre-payment, in full or in part, of working capital facilities; to fund inorganic growth through acquisitions and other strategic investments; and for general corporate purposes.

About Tryfacta Inc.

Founded in 1996 and headquartered in Dublin, California, Tryfacta, Inc. is led by Ratika and Adesh Tyagi. It has evolved from a niche Healthcare, IT and commercial staffing and services firm into a comprehensive workforce-solutions provider. Tryfacta is primarily engaged in workforce staffing for government programs in the US. The company provides solutions to Federal government and state, local and Education (SLED) government agencies.

The company operates througha diversified delivery model supported by a team of recruiters, delivery managers and account managers. It has also established a Global Capability Centre (GCC) in Mohali, India, supporting recruitment operations, technology development, pre-sales and account-management functions.

As of March 2026, the company’s revenue stood at $50.5 million, up from $37 million in FY23. The gross profit improved from $4.8 million to $6.6 million in the same period. Majority of its revenue is led by SLED contracts. According to 1Lattice report cited in the offer document, overall SLED spending is on a expansionary mode. The government spending on the staffing operations market is expected to increase by 4.9% CAGR till 2030 and expected to reach $224 billion from $177.2 billion in 2025. However, growth in government staff compensation has moderated in recent years. Additionally, government shutdowns could adversely impact the business operations of the company.