I guess I don't see where you're coming from. The 5M isn't a premine from my perspective. It's an IPO, a chance to get something by giving something. It's not as if the Dev's are going "The 5M coins are ours as well." Instead, they're giving the community the chance to buy a portion of the coins. So, I guess, I'm asking those out there, how is it you're viewing an IPO as premine? Are you the same folks that view the NXT IPO as premine? Are all IPOs premines to you?
The other portion is clearly stated as pre-mine and for what purposes the premine exists.
Premine isn't seen as a good thing because people don't really like coins whose developers are into getting rich from the coin rather than creating really good and balanced coin.
IPO is even worse that premine in this case, as the developers starting to dump their premine even before the actual mining started. Which just gives them the opportunity to launch the coin afterwards and forget about it support altogether. Because what's the point?
Following your logic, bounties are not premine either: the developers are not keeping the coins to themselves.
IPO is definitely premine. It's also because only 90-95% of the total supply is available to the miners, not 98-99%.
The rule is simple: whatever coins are already issued before it's available to the miners are called PRE-MINE.