That will be the case for most IEOs why? Its because the whole process is centralized we cannot see the real score even the sales on the IEOs. Though they are saying that they completed some rounds but in reality who can confirm this? Only the exchangw but they cant show the transactions made during the sales or maybe there is no real transactions. Sound fishy but its true.
I agree with you, if the IEO program can be decentralized maybe this will be more interesting, investors can find out the original statistics of a project that is doing IEO