US-based workforce and technology solutions provider Tryfacta Inc has filed draft papers with the International Financial Services Centres Authority (IFSCA) for a proposed USD 100-150 million initial public offering (IPO) on the exchanges at GIFT City, Gujarat. Upon listing, the company is expected to become the first US-headquartered company to list its equity shares in India through the GIFT City framework. According to the draft offer document, filed on Thursday, the proposed IPO comprises 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. The issue size is expected to be USD 100-150 million and will be denominated in US dollars, sources said. The equity shares are proposed to be listed on NSE IFSC Ltd and India International Exchange (India INX). Proceeds from the fresh issue will be utilised towards repayment or pre-payment of working capital facilities, funding inorganic growth through acquisitions and strategic investments, and for general corporate purposes, according to the draft papers. Founded in 1996 and headquartered in California, Tryfacta provides artificial intelligence-enabled workforce and technology solutions to Federal government agencies and State, Local and Education (SLED) agencies across the US. The company offers services across recruitment, payroll management, executive hiring, managed services and workforce solutions in healthcare, information technology, administrative and professional services segments. As of December 31, 2025, Tryfacta had been awarded contracts for staffing solutions and professional services by more than 220 Federal and SLED clients across 41 US states. The company said nearly 47 per cent of its contracts had a tenure of 5-10 years, while about 38 per cent were between 2-5 years. In fiscal years 2024 and 2025, Tryfacta served 70 and 105 clients, respectively, and deployed a contractual workforce of 3,960 and 2,591 professionals across Federal and SLED projects. The company operates a Global Capability Centre (GCC) in Mohali, India, supporting recruitment operations, technology development, pre-sales and account management functions. Through its subsidiary, Tryfacta Global IFSC Private Ltd, an IFSC unit registered as a BATF service provider, the company plans to expand its international service offerings from GIFT City. Tryfacta's net revenue rose to USD 50.5 million in fiscal 2025 from USD 37 million in fiscal 2023 and gross profit increased to USD 6.6 million from USD 4.9 million during the period. YOKI Financial Services is the book running lead manager to the issue.