Capability X has closed the offer period for its initial public offering (IPO), raising A$12 million at $0.20 per share through lead manager Westar Capital.
The close follows the company’s prospectus lodgement on October 2.
Capability X was incorporated in Western Australia in November 2022 and is targeting oil and gas, mining, ports and defence. The company is focused on real-time intelligence and control solutions intended to support safer and more efficient industrial operations.
The company’s CX Edge platform combines rugged hardware, proprietary software and edge AI. Capability X said the system is designed to provide a live view of people, machinery and operational risk in industrial environments, where moving equipment and personnel can make situational awareness difficult.
The company pointed to workplace safety as a driver for adoption, citing global estimates that 2.93 million people die from work-related factors each year and 395 million sustain non-fatal injuries.
Founder and managing director Chris Eastwell said the company would use IPO proceeds to expand operations and pursue opportunities across its target sectors, including moving into mining and defence while continuing research and development.
Capability X said it expects trading to commence on the ASX under the code “CX8” on 12 November 2026. The company listed an indicative market capitalisation of about A$34.5 million.
