IPO

ADNOC Logistics & Services IPO Teardown

Cornerstone allocations, greenshoe mechanics, and the dual-class governance question.

ADNOC Logistics & Services IPO Teardown
IPO · United Arab Emirates · $1.8B

By Elias Calfat

30 August 20269 min read

The analysis beneath the news.

The ADNOC Logistics listing follows a now-familiar Abu Dhabi playbook...

RELATED TEARDOWNS
IPO

SpaceX: The IPO That Made Its Own Rules

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.

United States · TBDRead
IPO

Cerebras: The Deal Beneath the Debut

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.

United States · $5.55BRead
M&A

How the PIF Structured the Largest LBO in History

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.

United States · $55BRead

Disclaimer — For educational and informational purposes only. Nothing herein constitutes investment advice or a recommendation to buy or sell any security.

Past the Headline.By Elias Calfat
Connect with us!
© 2026 · Written by Elias Calfat · All rights reserved