The price of initial offering I think depends on what Project. So we cannot say this is overpriced or not. If you only implement an application via mobile, I don't think it should be expensive.
Finally in the end all of those will become shitcoin, that was the bad thing.
Based on from what I read and also experienced, it's really far from the ICO to the actual value. This is why investors are carefully choose and do some time to research because they already know only few can successfully do their promises. For the past years, many are already claiming that they have been scammed and sad to know that it still happened repeatedly.