An Initial Exchange Offering (IEO) is not the same as an Initial Coin Offering (ICO). The main difference is that in an IEO, an exchange takes on the role as the counterparty. This means that the team behind the IEO mint the project’s tokens and send them to the exchange. The exchange will in turn sell the tokens to the traders o the exchange in exchange for Ether. This makes it easier for the team behind the offering, seeing as the exchange alleviates some of the team’s work load in the process.
The terms and conditions in an IEO and an ICO are however often very similar. Such conditions include having a maximum permitted investment and a pre-defined set price per token.