As far as am concern, i don't see any reason why a project should give 40% discount for IEO or ICO for an early investors, this will surely not help the price of a coin at listing. If a project is solid, the discount should not be more than 20%.
40% for early investors i think its too big and sounds not fair for other investors.if developers team didn't lock the bonus , market usually blamed bounty hunter as an actors that caused price dumped in market.but in IEO we will not see this again , only small discount that will given there.so dont worry price will dumped if we participate in IEO.