I think you are a person who has just known ICO, you should be able to see some ICOs that have already taken place, the price that will be given at the first exchange place definitely does not match the ico price, but it is only temporary because surely the price will rise due to the increase the price depends on the development of the project they develop.
That is assuming that the project will be developed and more people are going to buy the coin. Most times, it's the same people who invested during the ICO who are buying when the coin gets listed to a trading site. They think that the coin has a potential so they stock even more of that. It's also weird that ICOs stop promoting their coin once the token sale is over. They have to continue advertising the coin so there will be more people interested in the coin. Moreover, that allows them to have a bigger audience and a bigger community. They need to involve more people because otherwise, the price will just go down even when the coin has a good potential and has been developing as planned.
ICO was a way to get nearly free money but the times have changed, yes, for me it is obvious that they doesn't work well now, their era is coming to an end probably.
In any case, that does not mean I never took an interest in ICO as an Investor, this thing I did in most ICO yet the benefit isn't substantially, greater benefit I get from bounty and other things.
Many investors now afraid to invest in ICO because of many emerging ICO's that probably scam or too low of development that causes a project to become shit. We must peaky to invest project because some of them are not worth it to invest.
I personally noticed that this year ICO's are not worth it to invest I don't think so probably due to market was also down.
To sum up this year, the crypto market has been dry. No successful new coins at all, and rampant scam ICOs. Not sure when is this going to end or if this would ever end at all.