A project with token does not really need to have an ICO, if they can fund it themselves there is no need, some projects are also pre-funded and supported by some firms, private investors. They go listing directly on exchanges and let the traders and market determine the price. There are few projects that are having that approach most of them want to have an IEO and made some money for it. I trust more those projects that can fund themselves I can see that they are willing to use their own money and dedicated to success.