ScaleEquity financing via an SME Growth Market

Scale for shares, the segment for small and medium-sized enterprises (SMEs), offers an efficient way of equity financing via a formally registered SME Growth Market according to EU-standards.

The inclusion requirements and follow-up obligations of Scale are tailored to SMEs, thus facilitate raising capital and open the door to national and international investors.

Deutsche Börse services support the IPO, increase the placement range and offer advantages for successful trading on the stock exchange: Deutsche Börse Capital Market Partners help you to prepare the step of going public and offer competent ongoing support while being public. Research Reports commissioned by Deutsche Börse ensure transparency and comparability. In addition the special subscription functionality DirectPlace enables you to reach family offices, asset managers and retail investors.

An IPO creates financial scope for growth and innovation and increases the public awareness of your company.

Relevant target groups for Scale

  • German and European small and medium-sized companies (SME)
  • No sector or industry specification
  • Companies, seeking capital for growth

Our Services

Capital Market Partners

Capital Market Partner

Network of experts advising you in preparation for going public and giving support with being public.




Increase your placement reach and benefit from a balanced mix of investors. We support your placement with our subscription functionality DirectPlace.


Research Report

Research Report

Facilitate your visibility, transparency and liquidity through research reports - which are commissioned by Deutsche Börse AG.




Deutsche Börse enhances your external com- munication on its web portals:


Then you’ll receive further information in our explanation video "Capital Market Financing for SMEs".


Scale is a segment of the Open Market admitted by Frankfurter Wertpapierbörse (FWB®, the Frankfurt Stock Exchange). Detailed inclusion criteria and follow-up duties are to be found in the General Terms and Conditions of Deutsche Börse AG for the Regulated Unofficial Market on Frankfurter Wertpapierbörse.

Overview of content

Key inclusion prerequisites

  • An inclusion document or in terms of public offering valid and approved prospectus according to the Regulation (EU) No. 2017/1129
  • Contract with supporting Deutsche Börse Capital Market Partner
  • Company history of at least 2 years
  • Estimated minimum market capitalization of € 30 million at the time of the inclusion into trading
  • Par value of at least € 1.00
  • At least 20 per cent free float or at least 1 million free float shares
  • Research report (submitted by research provider)

Inclusion is in response to an application by the issuer of the securities together with an applying Deutsche Börse Capital Market Partner (bank or financial service institution). With its application, the co-applicant verifies the completeness and accuracy of the statements made in the application and for the completeness of the documents submitted. The inclusion of securities to Scale constitutes a contractual legal relationship between Deutsche Börse AG and the issuer.

Fulfilment of at least three of the following criteria:

  • Turnover of at least € 10 million
  • Earnings of the year at least € 0
  • Equity capital shown in the balance more than € 0
  • Number of employees of at least 20 people
  • Accumulated, equity capital before IPO of at least € 5 million

Faster inclusion through E-Listing in Open Market

Since the introduction of the E-Listing in the Open Market, applications for inclusion can only be made in electronic form. Thanks to the advantages of digital communication both filing and processing the application take less time.

Alongside with the inclusion document or the prospectus according to the Regulation (EU) No. 2017/1129, the following documents shall also be included with the application:

  • Confirmation of applying Deutsche Börse Capital Market Partner about appropriateness of issuer for Scale
  • Excerpt from the commercial register
  • Articles of association
  • Annual financial statements of the last two years (last one audited)
  • If necessary half-yearly financial statements and an interim management report
  • Company profile
  • Corporate calendar