Jul 28, 2026 – 5.21pmFrazis Capital Partners and Wilson Asset Management are joining Ellerston Capital in backing Sydney’s SCX.ai, the latest artificial intelligence business gunning to join the ASX boards.Street Talk can reveal the three fund managers have bid for about 5 per cent of the book each under SCX.ai’s $40 million initial public offering. Allocations are yet to be finalised, and the offer closes on Wednesday.Sarah Thompson has co-edited Street Talk since 2009, specialising in private equity, investment banking, M&A and equity capital markets stories. Prior to that, she spent 10 years in London as a markets and M&A reporter at Bloomberg and Dow Jones.Kanika Sood is a journalist based in Sydney who writes for the Street Talk column.Emma Rapaport is a co-editor of the Street Talk column. Prior to that, she was a markets reporter at The Australian Financial Review.Angira Bharadwaj is a co-editor of Street Talk. She covers IPOs, capital raises, mergers and acquisitions and other breaking news in Australia’s capital markets. Previously, she covered financial services, state, and federal politics. Send tips to @angirab.60 on encrypted messaging platform Signal.Subscribe to gift this articleGift 5 articles to anyone you choose each month when you subscribe.Subscribe nowAlready a subscriber?
Frazis Capital, Ellerston tip into SCX.ai’s initial public offering
Ellerston, which was already an investor in SCX.ai, is expected to top up its stake as part of the IPO, according to sources briefed on the deal.
TL;DRAI
SCX.ai (Sydney) raises $40M via ASX IPO; Frazis Capital, Wilson Asset Management, and Ellerston Capital each bid ~5%. APAC emerging as AI capital market destination; institutional backing signals startups have alternatives to VC, pressuring exit timelines and valuation expectations in the region.
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