Project Team only do IEO because of funds, sometimes they might have funds from private investors then doing IEO again to collect more so as to be able to finish their development; that is to say, IEO forms a palatable ground where team can source for funds, after the IEO comes listing. On the other hand, simply listing on an exchange can come in different ways, it could be through IEO, or a project already on an exchange seeking to list on another exchange. Also, listing can happen when a team already have access to funds, therefore not seeing the need for IEO, in this case, they list on their desired exchange.