The actual scheme described in the OP requires the multiplier to work, though. Otherwise it's just like any other company that's tightly held, in which case only the free float counts and the scheme unravels.
Yes. As long as the free float is at least 10%, it will get the fast track into VTI. According to their methodology guide, they use free float for weights and total shares for ranking. So this IPO would be a mega cap with a tiny weight. Totally the opposite of what a manipulator would want!
https://www.crsp.org/wp-content/uploads/guides/CRSP_Market_I...
I know that a lot of Vanguard funds track CRSP indexes. Right about now is when I wish they had and ETF that tracks this one:
https://www.crsp.org/indexes/crsp-us-total-market-ex-mega-ca...