"IPO is not a way to distribute currency" is just an opinion.
No, it's not just an opinion. The person that runs the IPO can create as many fake accounts as they want, send in 10 BTC with all of them, get 90% of the coin issued, then all the BTC money goes back to himself anyway. So the coin issuer not only gets as much premine as he wants, but also profits from anyone else that sends him money. You couldn't invest in a more idiotic scam no matter how hard you try.
The only valid form of IPO is maybe proof of burn like Counterparty did.
What if all the money from the IPO was accounted for in spending on coin related costs? Why would that not be fair? In this case the money is not just going back in the devs pockets, and if any of it is going his pockets it's a specific known amount outlined in the IPO contract.