Well being of rational mind I would never do the mistake of comparing an ICO with an IPO. IPO is much more regulated and much more real. You don't believe me? Let's get into the details
1. IPO has a minimum subscription or what we call a soft cap of about 90% of total fund raiser. While in cryptocurrencies this is set relatively too low only to about 30-40% of the total hard cap this is because there is no regulation.
2. IPO have proper books of accounts as they are normal companies and the funds which they have raised are their Equity shown on the Liabilites side of their Balance sheet which means in event of Winding up they will be paying their shareholder everything back. Have you ever heard an ICO paying everything back because project failed?
3. IPO prepare regular reports and their works can be pretty easily seen. Only about 2-4% go to utter failure immediately(in a couple of years) after going public while I have seen a 99% ICO never ever completing their project as promised by them in Whitepaper.
So despite of IPOs being overpriced they definitely offer the value for your money as it will always be in safe hands. But even a dollar spent in ICO is a dollar vanished into air.