I participated in the cryptassist ICO a few months ago, and I chose this out of the many projects I could have done the ICO, but still no listing.
This is because of the market, but I strongly believe that if the project is good enough, the team should not be scared of listing
I think each section have their own reason. We know some project want to listed in big market. But that markets now have their own rule maybe to make their reputation to be better and people not think only PnD market.