What determines the initial marketcap (and coin price) of a newcoming ICO?

[noblex]

As the title says.

To point out an example:

I purchased INS Ecosystem tokens for 1.1$ during ICO phase.
The ICO raised a total of about 20M $ or so.

The tokens entered the market yesterday, with a price per token of about 5$.

What is the correlation between ICO raised funds and initial marketcap? Is the token price chosen by mean of the raised funds or just nominally?
Is the marketcap baked by the company in $ somewhere?

Thanks