IPO is something different then pre-mine. In fact you most like at IPO like someone with a big machine mining one day before the coin is released and receive those coins. It got nothing to do with pre-mine, as DEV only have 2% pre-mine, and it seems that 2% is not that high, did you notice Purecoin 2.5%!!!! Ok, it is not like Citizencoin, but that pre-mine was infact way too low.
It doesn't really matter whether the premine was used for bounties or IPO or charity. What matters is that probably over 80% of the miners dont have big rigs. So psychologically, they will not come come and mine a coin that someone got for "free" that the small miner will take 2 weeks to mine. If the difficulty is high, all the more likely to go to another coin. A big rig owner on the other hand will not mind too much about premine like you said... he will make it on the first day mining.
So then what happens is when a coin is not mined, it will be considered a flop and the big miners will also leave, leaving behind a small group of gamblers who mine in the hopes of the coin becoming big by luck alone. Now the only thing that will reverse the situation is if some new announcement is made that will attract buyers... some innovation or something like that. This coin has almost zero marketing.... nobody's talking about it on twitter or on the trollbox. Even the thread page views is very poor for a coin that was announced 10 days back.