Hmm.. I see that VinDAX turned out to be a scam with fake volumes and fake client base. If I were with PointPay, I would recommend them to pay attention to the strategy that usually exchanges use when they want to raise some money. First you launch the exchange itself, then you attracts traders to your platform providing them zero fees for trading. Then you announces a token sale of exchange coin/token that will in high demand thanks to its utility nature: users will be able to get discounts paying with this token. That's how, for example, Binance and EXMO did. Wise strategy.
Moreover, I see that PointPay is launching their own exchange in a few months, that is why I don't see any reason for them to enter the IEO depending on third party platform - it's better to invest the funds in liquidity of your own platform rather than in IEO campaign.
This is logic, isn't it?
I kind of liking your idea. Yes, Pointpay might take advantage of launching their platform and listing PXP simultaneously. And offering no fees initially is a good catch for tokens looking to be listed in an exchange.