I hope that is going to happen because we all want to buy more. I invested and regret not investing more.
Let's take a small investment of 3ETH during ICO. It would have brought you roughly 1200PAY if you count the bonus. If PAY starts on the exchanges at 0.1ETH (less than the current HitBTC price) then that 3ETH would now be worth 120ETH, or a 4000% ROI for ICO participants. Only time will tell but I think it's safe to assume that most would be more than eager to sell at that price. I don't think a Bancor scenario is out of the question.
When will the lock up period end? i.e released onto exchanges
This price is fake. This is the trade of robots. The real price of the PAY-token will be ~1$, may be ~5 for a start. Then more.