Initial offerings are not what they were. Even IEOs never really reached the highs of ICOs during 2017. That looks like a bit of a bubble now, when it seemed any new project could raise many millions and hit hard cap without even trying. Whilst on one hand it is disappointing that we don't have that hugely bullish sentiment any more, on the other hand sentiment is more realistic now, and if it means that we don't have mega-cap ICOs , then that is for the benefit of crypto in the long-term.
Indeed, IEO's popularity had been declining ever since it was introduced in Binance platform. There are lots of IEO that failed this 2019. There are also other project that still use ICO method and still successful. Though as far as I can tell according to my experience, it is not easy for a new project to raise many millions and you can verify that on the announcement board of altcoin in this forum.
Those private sales investors are the one who are gaining a lot from each projects that being held from known exchange. With early day bonuses and
the numbers of coins that being hold, it's easy for them to dumped after it's being listed to exchange. Knowing that they are getting decent earnings
and can re invest the money to another projects privately. This people don't need to hold and take time to wait for the progress of the projects.
I agree, private investors often enjoys 50% or more discount than the one who is participating in a public crowdfunding. No wonder tokens are being dump even at a price lower than the actual ICO/IEO price.