They sold out the pre-ICO (1 million minimum investment), not they are holding a second pre-ICO for a total of $1.6 billion before the ICO itself. This seems way much of a cash-grab with no (blockchain) project behind it. Of course, I might be biast since I invested in KIN, the ICO of KIK messenger.
https://www.theverge.com/2018/2/21/17037606/telegram-open-network-app-ico-cryptocurrency-ton