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
Listing of the token is a definitely important event but of course the team should not be scared of listing on any market cycle if they are strong. But there are a lot of projects still didn't not release their tokes and din't list on exchanges, Origo for example... it is not good i think and if you conduct your ico on bearish market then you must be pretty strong to come out on the same market.
Many of them are not scare of listing but the reason why they have not listed their token is that they couldn't raise enough to complete the project not to talk of listing. I have seen a hardworking team like Gymreward that raise less than 10 ETH during initial coin offering. If such project is own by you, you will not consider listing even though you have giving bounty hunters token with an equivalent price greater than what you have realized in ICO. Such a project will die a natural death if listed. Ones the market is fully booming and those project see great prospect in term of development then they will surely list token in good exchanges.