In general, it can be stated that there is no uniformly applicable definition of the term “nanocap”. For this reason, it is important how Scalania classifies companies in terms of size. Nanocaps.. have a pre-IPO (pre-money valuation) of less than 25 million euros, and whose issue amount for the IPO is less than 5 million euros. Especially companies in such a growth stage have already exhausted first financing options and are now dependent on external capital. It is precisely at this point that an IPO can make sense for nanocaps.