How Does an Exchange Determine the Initial Listing Price of an IEO Token?

The initial listing price is typically determined based on the price set during the IEO sale, factoring in the project's valuation, the hard cap, and the amount of funds raised. The exchange and the project team agree on this price.

They also consider comparable token valuations and market sentiment. The goal is to set a price that allows for healthy price discovery post-listing without an immediate crash.