The ADNOC Logistics listing follows a now-familiar Abu Dhabi playbook...
Cornerstone allocations, greenshoe mechanics, and the dual-class governance question.

By Elias Calfat
The analysis beneath the news.
The ADNOC Logistics listing follows a now-familiar Abu Dhabi playbook...
A founder-control arrangement public investors are asked to accept, and two very different businesses inside one issuer: launch as a capacity-constrained utility with visible margins, Starlink as the growth asset a public multiple would actually be underwriting.
How a non cash accounting gain, an Abu Dhabi customer base and an OpenAI handshake produced the largest US tech IPO since Uber, and what the tape said next.
The largest leveraged buyout ever recorded is, on the capital structure, two thirds equity. How PIF wrote $36bn, why one bank carried $20bn alone, and what the syndication revealed about the price.
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