If it's 0.25x now, why would you buy it at ICO? If the expectation is that the coin will be cheaper after the ICO, why buy it during the ICO? What possible reason would you have to not wait until after the ICO, and buy it at a quarter of its original price?
They thought it would increase but that was the opposite at this time. Besides, buying at the ICO stage they also get extra bonus. If they know the future, nobody will invest in it, they will buy it later.