I do not believe in IEO. They are held by exchanges only with the aim of artificially raising the price of new coins and thereby giving investors some money. This causes a new wave of investors who are buying stock exchange tokens in the hope of becoming one of the investors in a new coin.
However, only 1-2% of the total number of applicants can buy a new coin.
The exchanges do so on purpose, their tokens grow in value at the expense of fools.