The capital formation environment has significantly changed in the last two decades and, in particular, following the global financial crisis of 2008. The number of initial public offerings has declined, and M&A exits have become a more attractive option for many promising companies. This article reviews trends in the initial public offering market, notable alternatives

According to statistics from Dealogic and the Citi Capital Markets Review and 2019 Outlook, there was a modest decline in 2018 follow-on offering volume compared to 2017. The decline is likely attributable to increased volatility during the year. The Review notes several important trends in follow-on activity, citing increased reliance on marketed (versus unannounced or