What do you think are the advantages of doing an IEO vs simply listing a token in a exchange?
Both are the same, it will only differ on how investors looked on the project, people like to see a project listed on a good exchange, whether it's an IEO or regular listing but there is a lot of hype when a project is doing an IEO than doing regular listing.
I thought so too, they are technically the same but in an IEO, you can only buy tokens and you cannot trade them unlike when the token is already listed you can sell and buy them at the same time and keep the circulations of the token in a certain exchanges where it is listed.