Clarifying the meaning of market capitalization
The "shares outstanding" variable used in the calculation of market capitalisation is defined as all shares that exist (and not was issued in public offerings). The market capitalisation is the share price times the outstanding. Therefore, the numbers in question do not apply.

There is no need for shares to be transferred in a public offering; an initial investor in a firm before it was listed could sell to another investor privately. This means that there is no good way of tracking how many shares are held by "the public," and that number is not used in calculations.