What you think more profit, participate in IEO or wait after IEO and buy the token from exchanges?
If you are going to look at the previous success of IEO like 7 months ago, usually when they open the sale, everyone jumps in and buy the hype. Most of them are sold out in minutes and in second, so it means that it is better to get in before the price exploded. There are IEO like Harmony (ONE) who went into a 800% returns, if I'm not mistaken, so definitely getting it early is much better to be able to maximized your profits, IMHO.
I see most of IEO price drop after IEO.
Obviously, it is followed by a huge dump after the tokens has reached certain price or returns that are too big already, sort of a bubble being burst.