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 accelerated marketed) offerings, a larger percentage of first follow-ons following early IPO lock-up releases, an increase in acquisition financing, and increased forward sales of equity. The Review notes that in 2018, 37% of first follow-ons had an early lock-up release, up from 23% in 2017 and 8% in 2006. Another notable trend was the decline in follow-on offerings including secondary stock, perhaps as a result of financial sponsors choosing to wait for less volatile markets. Forward sales, principally in the REIT and energy sectors, increased from four in 2017 to 22 in 2018.

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