What kind of stupid question is this? Obviously nobody wants to perform, or participate in an IEO that will fail, regardless which exchange it is on. Obviously they would rather participate in an IEO that has at least some chance of success, even if it is on a complete trash exchange.
I think choosing an exchange will have a huge effect on the project, lots of good projects have failed because they are minimizing their budgets in choosing an exchange. If the project choose "trash exchange" investors will have a doubt.