I think it's the same as buying old coins, there's always an opportunity for pump and dump so I never make new listed coins to buy, invest when the ICO is certainly better and more profitable.
Yes, buy when the ICO promised a lot of bonuses and the developer would say that it was the "lowest price" but in reality we found too many coins that were very dumped, the price was even far below the ICO price when the new listing. and only after a few months did they pump their coins so the price became more expensive