Here is something I have observed as regard ICOs raising funds and why many are trading at below ICO price soon after listing on exchanges. The reason could well be the fact that project teams are making ICO tokens too expensive, almost at same level with what we had at the bullish market.Meanwhile,the market is now 25% of its usually market.
Project teams implement better funds management strategies, avoid wastages and unnecessary  expense and thus have a cheaper ICO, I personally believe that they can reduce their expense by at least 50 percent and thus ask for less, cheaper tokens as such, that way, investors will be better make returns on their investments.