US-based Tryfacta files draft papers for a $100-150 million IPO in GIFT City.
The recent filing of draft papers by US-based Tryfacta Inc for a proposed initial public offering (IPO) is a significant development for the Indian IPO landscape, particularly within the GIFT City financial hub in Gujarat. The IPO, which is expected to raise between USD 100-150 million, marks a milestone as Tryfacta is poised to become the first US-headquartered company to list its equity shares in India using the GIFT City framework. The offering includes a fresh issue of approximately 13.3 million equity shares along with an offer for sale of about 3 million shares by a selling shareholder. Upon successful listing, the shares will be traded on the NSE IFSC Ltd and the India International Exchange (India INX).
Grey market sentiment around this IPO has been buoyant, reflecting optimism among investors regarding the company’s performance and growth prospects. Given that Tryfacta has reported a substantial increase in net revenue from USD 37 million in fiscal 2023 to USD 50.5 million in fiscal 2025, this positive trend contributes to investor confidence. The company’s strategic use of IPO proceeds for repayment of working capital, inorganic growth through acquisitions, and general corporate purposes has further positioned it favorably. The engagement of YOKI Financial Services as the book running lead manager enhances credibility and adds to the overall positive outlook.
For Indian investors, the Tryfacta IPO presents an intriguing opportunity to participate in the growing intersection of technology and workforce solutions. With a strong client base comprising over 220 Federal and SLED clients and a diversified service offering primarily centered on artificial intelligence, the company appears well-positioned for future expansion. The establishment of its Global Capability Centre in Mohali indicates significant operational commitment in India, which only enhances its investment appeal. As the GIFT City continues to develop as a hub for international listings, Tryfacta’s IPO could serve as a catalyst for other foreign firms considering entry into the Indian market.
Source: The Economic Times
(Expert Note: This report was prepared by the Wealthova IPO team.)