Some bounty hunters who are also investors take time to research into projects and come out with good projects with much capabilities of becoming successful. These type of Bounty hunters cease the opportunity to buy more of that coin at low prices below ICO prices after the ICO and listing on exchange. Most coins get started on the with lower than ICO prices.
Yes most of the bounty hunters invest in the ICOs when discounts is going on as well as buys the token on exchange when listed. Now a days it has become trend whenever ICO launch their token on exchange the price drops drastically as ICOs management fails to to manage liquidity on the exchange and the trust level of investors on the project is lower due to bear market and past scams in the ICOs. So it's always better to invest at the time of discount during the token sale or better buy on exchange when price drops if the project have potential to perform well in future.