Depends on your definition of fraud: IPO's were once considered a scam on the ignorance of the general public, until the financial market lost its scrupules.
I think there is a difference between "IPO is fraud/scam" and "the company behind the IPO is fraud/scam".
Most ICO's I've looked at haven't produced anything but fancy blog posts (and in some cases, the DNS registration has expired). I think I've invested into 2 or 3 (didn't invest much, 10 or 50$ at most so it didn't hurt much and I stopped by now).
I'm not sure if it's meant to be sarcasm. One thing that comes to mind is a lot of shady public companies don't have an IPO, but instead do a reverse merger with a public shell or operating company. I don't know if companies with IPOs are always non-fraudulent, but I think the process goes along with a certain amount of scrutiny and conversely there are ways to avoid it.