Nowadays, prices crashing after the ICO or IEO is more about project health and development instead of dumping.
In fact, I would say that the vast majority of these new coins crash because there is no trading volume.
There aren't any buyers or sellers.
In that case, the price will quickly fall and never recover since a baseline was never established to begin with.
Also, with no demand or utility for the coin, you can expect it to never rise.

As far as the 40% discount goes, that is just bad tokenomics.
Highly inflated or deflated prices are never sustainable.
If there such a huge discount, then I would stay away from the project.