Sometimes yes, sometimes no.

Overpriced means the value derived from what you're investing in isn't worth the money. Conversely then, if the amount of value you can derive from the investment is greater than invested, then it's not overpriced.

As @carlfebz2 stated, the problem is that most people In fact, most projects don't know what the value is based on. In an ideal world it would be based on a carefully thought out business and financial plan that investors could understand. Too often white papers and other material produced by projects have no real planning or analysis, so investors making an evaluation on correct pricing is extremely hard, often bordering on impossible.

For co-operatives, which CBF cares about, a valuation is always carefully assessed, even if that's 'projected' based on analysis that has speculative elements in it. ICO and IPO valuation, price setting, size, etc. should be the same. Too often it seems it's a case of what the founders would like to make, not what value can be returned to investors.

CBF