PwC advised Vaaka Partners and Framery on Framery’s IPO

Chapter 1 Setting the scene

Framery is now entering the next phase of its growth journey through an initial public offering and listing on Nasdaq Helsinki.

Framery announced its intention to list on 11 November 2025. The subscription period began on 25 November 2025 and ended early on 28 November 2025 due to oversubscription. Trading commenced on the Nasdaq Helsinki prelist on 2 December under the trading code “FRAMERY”, with trading on the Official List of Nasdaq Helsinki expected to begin on or around 4 December 2025.

The company raised gross proceeds of €20 million in the IPO through a primary issue of 2.5 million shares. Existing shareholders, including Vaaka Partners, sold approximately 22.5 million shares. The subscription price was €8.00 per share, valuing the company at approximately €633.1 million immediately following the offering. Cornerstone investors included a range of established Nordic and European fund managers, such as WIP Asset Management, Handelsbanken Fonder, OP, Sp, Danske Invest, Evli, S-Bank, and I&T Asset Management.

Our IPO marks an exciting step forward in our journey. The listing will provide us with the momentum to accelerate our international growth, pursue bold innovations, and continue creating long-term value for our customers, partners, and personnel.

Samu Hällfors, CEO, Framery

Chapter 2 Our approach

We supported Vaaka Partners and Framery throughout the IPO journey, combining deep capital markets expertise with multidisciplinary capabilities.

We provided support in financial reporting – including adoption of IFRS Accounting Standards, IPO financials, internal controls and tax reporting – to ensure Framery’s reporting framework met the expectations of public markets investors and regulator.

In parallel, we worked closely with the company on IPO readiness, helping Framery to structure and execute the complex workstreams required for a successful listing. PwC also carried out sustainability, tax and financial due diligence, providing the company and its owners with a comprehensive, independent view of Framery’s financial position, tax profile and ESG performance.

This integrated approach enabled Vaaka Partners and Framery to navigate the demanding IPO process efficiently, from early preparation and documentation through to the launch of the offering and first day of trading.

We have been involved with Framery since the 2018 investment by Vaaka Partners and I want to echo my colleague’s Hannu Suonio’s words that the PwC team was already then very impressed by the great company that Samu and the team have built. It has been an absolute honor to work with a company that shares the same values, unrelenting devotion to precision, quality, and courage. We have supported Framery on a variety of topics over the years, and I want to thank everybody at PwC who has contributed to Framery’s success story. We have for years now believed that Framery will be a great candidate for a public company – and it is very satisfying now to see this culminate into a highly successful blockbuster IPO

Netta Mikkilä, Partner, PwC Finland

Chapter 3 Making a difference

The strong demand for Framery’s shares, reflected in the oversubscribed subscription period and the underlying significant cornerstone commitment, underscores the confidence of institutional investors in the company’s strategy and prospects.

The IPO and listing on Nasdaq Helsinki will support Framery in accelerating its international growth, broadening its shareholder base and further strengthening its market position. Access to the capital markets will also enhance Framery’s ability to invest in innovation and long-term value creation for customers, partners and personnel.

We congratulate the Framery and Vaaka Partners teams on this milestone and thank them for their trust and excellent co-operation throughout the process. We also extend our thanks to DNB, SEB, Hannes Snellman, Milton and EY for their strong collaboration and partnership during the transaction.

Throughout the years, Vaaka Partners’ and Framery’s devoted team have consistently pursued development and innovation, driving the company forward. Today, the culmination of their hard work and perseverance is evident in the extraordinary success story and the accomplishment of a successful IPO. This milestone not only celebrates past achievements but also sets a strong foundation for future growth and opportunities. It has been a true privilege to work with Vaaka Partners and Framery in this landmark deal!

Rasmus Alopaeus, Partner, PwC Finland