Those Vanguard holdings were purchased in the secondary market after SNAP market cap reached certain thresholds. Vanguard bought little or nothing in the IPO.
It doesn't matter if they buy during or shortly after an IPO, the fact of the matter is that there's some value there just by virtue of being listed because you will most definitely get institutional investors based on that fact alone. Institutional investors set the market, everyone else is playing the spread.
Can you give me an example of a company that IPO'd profitless and the largest shareholders aren't institutional investors that do broad-index-based purchases?
