The problem is that most of them are scams and the ones that aren't are overpriced. For example, I believe Etherium raised 15m. So the Etherium marketcap is already at 15m and it hasn't even launched yet. Now go look at Coinmarketcap. How many coins have a marketcap above 10m?

So you see, even though there is a chance something like Etherium will go much higher, when it is given such a high marketcap right off the bat there is a very high chance that the price will drop upon release.

Same things happen in the stock world. Look at Facebook. And now Ali Baba. I guarantee at some point people will be buying shares substantially lower than the IPO price.

Bottom line - avoid IPOs, if you are interested in the coin wait until it is launched on an exchange because more than likely you will get it at cheaper than IPO prices.