It sounds like a lot of money but look at the tens of millions that the .tel and .mobi registries threw away, and where they are now.
I would agree with that logic as there is nothing you stated that is wrong there however, I would like to point out that it does not necessarily apply directly in the same regards to .ooo ad it did with .mobi or .tel
(at least not to my knowledge).
I make that statement because the owning company created .ooo (at least from my understanding) to complement their one of their business models that they have already in play.
They have a business model, "Build a Bazaar" (I am pretty sure its an associate/affiliate platform... or something to that effect) for building online businesses. The IPO is (mostly from what I gather) going to be utilized in further developing this platform. The company however, has used a little intellect in this whole endeavor.
From my understanding they are going to pair the BuildaBazaar with the .ooo extension and market it as such.
This differs from .mobi and .tel in that they were marked solely on being an extension and as the "next big thing" which of course did not pan out. There is no rival to .COM, we all know that.
.Ooo is not a rival to .com, it is their attempt to get more people in India to utilize online business and to give them the best keyword rich domain names in which to do this.
This is just an observation as an outside business man looking in.
If they are NOT doing it this way, then they are screwing up because it would be what I would be doing in their shoes.
Cheers