Tryfacta files for GIFT City IPO

Tryfacta, a US-based workforce and technology solutions provider, has filed draft papers with the India — International Financial Services Centres Authority (IFSCA) for a USD 100-150 million Initial Public Offering (IPO) on the exchanges at India — GIFT City, Gujarat. This move is significant as Tryfacta is set to become the first US-headquartered company to list its equity shares in India through the India — GIFT City framework. The IPO will include a fresh issue of up to 13.3 million equity shares and an offer for sale of up to 3 million shares by selling shareholder Ratika Tyagi. Proceeds from the fresh issue are intended for repayment of working capital facilities, funding inorganic growth through acquisitions and strategic investments, and general corporate purposes. Tryfacta, founded in 1996 and headquartered in California, provides AI-enabled workforce and technology solutions to Federal government agencies and State, Local and Education (SLED) agencies across the US. The company also operates a Global Capability Centre in Mohali, India, and plans to expand international service offerings from India — GIFT City through its subsidiary, Tryfacta Global IFSC Private Ltd. YOKI Financial Services is the book running lead manager for the issue.