https://past-the-headline.com Structural teardowns of capital markets transactions. IPOs, M&A, and financings read from the primary documents. Global coverage with a working focus on the GCC. en eliascalfat@past-the-headline.com (Elias Calfat) eliascalfat@past-the-headline.com (Elias Calfat) Sat, 23 Aug 2026 00:00:00 +0000 https://media.base44.com/images/public/6a04c28d1dad62beeb23abfa/515bc1177_past-the-headline-logo.png https://past-the-headline.com https://past-the-headline.com/article/spacex-ipo-largest-in-history https://past-the-headline.com/article/spacex-ipo-largest-in-history Sun, 23 Aug 2026 00:00:00 +0000 IPO Inside the structure, valuation, and timing of the public-market debut a decade in the making. IPO structure, mega-cap listing mechanics, Starlink economics, and valuation methodology. https://past-the-headline.com/article/pif-divests-al-hilal-fc https://past-the-headline.com/article/pif-divests-al-hilal-fc Thu, 02 Jul 2026 00:00:00 +0000 M&A PIF signs a binding SPA handing 70% of Al-Hilal to Kingdom Holding at a SAR 1.4bn enterprise value, a 1.1x revenue print, to a buyer PIF itself part-owns. SAR 840m secondary consideration, related-party circularity, and the first properly priced data point in the sovereign capital recycling programme. https://past-the-headline.com/article/cerebras-ipo-wafer-scale-debut https://past-the-headline.com/article/cerebras-ipo-wafer-scale-debut Wed, 17 Jun 2026 00:00:00 +0000 IPO How a non-cash accounting gain, an Abu Dhabi customer base and an OpenAI handshake produced the largest US tech IPO since Uber. 86% of revenue from the UAE, 80% of backlog from OpenAI, 99% founder voting control. https://past-the-headline.com/article/aramco-multi-tranche-bond https://past-the-headline.com/article/aramco-multi-tranche-bond Tue, 05 May 2026 00:00:00 +0000 Financing Dissecting the pricing mechanics and investor allocation of a $6.0bn sovereign-adjacent issuance across 5Y, 10Y and 30Y tranches, and the credit spread read against the sovereign curve. https://past-the-headline.com/article/adnoc-logistics-ipo https://past-the-headline.com/article/adnoc-logistics-ipo Tue, 21 Apr 2026 00:00:00 +0000 IPO Cornerstone allocations, greenshoe mechanics, and the dual-class governance question in a $1.8bn Abu Dhabi listing. Book-building, cornerstone treatment, and lock-up provisions.