The answer is, it can take many forms. Depends on the structure. A good example is CYB and NAB, have a read of this article, it was spun out and IPO'd in the U.K.
https://www.morningstar.com.au/stocks/article/understanding-dual-listed-stocks-3-aussie-examples/168208
And here is the BHP DLC which is one company dual listings.
