Why would investors pull out $3.4 billion of capital from other assets to invest in Snap if the issue was accurately priced? As an investor I wouldn't pay 100

Why would investors pull out $3.4 billion of capital from other assets to invest in Snap if the issue was accurately priced? As an investor I wouldn't pay 100 to buy something worth ...100. Price it below its fair value and we might talk. When trying to mobilize capital on this scale and at this risk level (no revenue, stalled growth), the required undervaluation is significant.