US-based Tryfacta to file for USD 100 to 150 million GIFT City IPO by October-end

US-based government services provider Tryfacta, Inc. is planning to raise USD 100 to 150 million through an initial public offering (IPO) on the GIFT City International Exchange by the end of October, according to three people aware of the matter.

If successful, this will be the largest fundraising by an international company in India and could make Tryfacta the first to list on the International Financial Services Centre Authority (IFSCA) platform. The only other company that has filed with IFSCA so far is Mumbai-based XED Education, which plans to raise around USD 8.4 million for working capital and technology capex.

Headquartered in California, Tryfacta was co-founded in 1996 by Ratika and Adesh Kumar Tyagi. The company provides IT services, staffing, and payrolling solutions to US federal and state government entities as well as institutional clients across sectors such as healthcare, IT, engineering, education, and consulting.

Tryfacta has built a strong track record of winning large federal contracts. Its recent wins include the US Defense Health Agency (USD 43 billion), Defense Logistics Agency (USD 11.9 billion), and Department of Veteran Affairs (USD 100 million). State and local government contracts include the State of Florida (USD 143 million) and Baltimore County Public Schools (USD 55 million).