Two other companies have already debuted: the car rental company Movida and the health care company Instituto Hermes Pardini, raising a combined $425 million for the year through Tuesday. Though Movida had to slightly lower its price, and another company, Unidas, which is in the same industry, had to scrap its I.P.O. plans last month, that is the most money raised over the same period since 2011, according to the data firm Dealogic.
Brazil, once considered among the hottest growth markets, has not yet left behind its recent economic and political upheaval. But the finance sector is starting to show some optimism. Investment bankers say they are seeing better opportunities and greater appetite from foreign investors. The executives are still cautious, but they say they are more hopeful compared with past years.
Renato Ejnisman, the managing director of Banco Bradesco BBI, the investment bank arm of Banco Bradesco, said more than 10 companies were considering stock offerings this year. Moreover, they come from diverse sectors including consumer goods, infrastructure and utilities.
“We have not had such a level of activity in the last four years,” Mr. Ejnisman said.
Others share that sentiment. Roderick Greenlees, global head of investment banking at Itaú BBA, estimated that 10 to 15 I.P.O.s could be held in Brazil this year.
If that prediction were to come true, the number of offerings this year would dwarf that of the previous three years, when there was only one I.P.O. a year. It would be on par with 2010 and 2011, which each had 11 I.P.O.s. Since 2010, the best year was 2013, which had 13. The deal activity is not off the charts, however. “We’re still in a selective market,” Mr. Ejnisman said.
The thaw is partly because of investors’ pent-up demand after a period of economic downturn. “The market has been starving for equity for so long,” said Patricia Moraes, the head of banking in Brazil for JPMorgan, who, like the other bankers quoted in this article, would speak only about the state of the market and not about any specific I.P.O.
Brazil’s economy contracted by 3.6 percent last year, and shrank by 3.8 percent in 2015.
The combination of the country’s worst economic recession in decades and a huge corruption scandal created conditions for the impeachment of President Dilma Rousseff in 2016, even though she was not accused of personal enrichment, unlike many of the politicians who led the effort to oust her. Brazil’s Senate convicted her of violating budgetary laws.
The impeachment remains controversial, the motives dubious, and President Michel Temer, who took over for Ms. Rousseff after helping engineer her fall, is highly unpopular. Yet the finance sector credits his government with some changes.
Inflation has fallen, and Brazil’s currency has gained value relative to others. The Central Bank lowered its benchmark interest rate multiple times over the past several months.
“On the macro front, the country is on the right path with the right team handling the economy,” said Fabio Nazari, a partner and head of equity capital markets at BTG Pactual.
The activity means more business for investment banks in the region. In January and February, JPMorgan was involved in four equity offerings in Latin America, two of them in Brazil. In those, it raised $2.7 billion with over $12 billion in demand, Ms. Moraes said.
That amount alone is already 26 percent of the $10.4 billion raised in all equity offerings in Latin America in 2016, according to Dealogic.
The next several months will determine how much optimism is warranted.
JPMorgan is leading a group of banks, including BTG Pactual, Itaú BBA and Morgan Stanley, on the anticipated 4 billion reais ($1.3 billion) stock debut for XP Investimentos. It is expected to start its presentations for potential investors in May.
The offering by Grupo NotreDame Intermédica will also be closely watched. In addition to Morgan Stanley, the company recently hired Credit Suisse, Bradesco BBI, Itaú BBA, JPMorgan and UBS.
Edemir Pinto, president of BM&FBovespa, said in February that by the end of the year, he expected about 17 companies to raise approximately 25 billion reais (about $8.1 billion) in equity offerings on the São Paulo exchange.
Uncertainty still looms, however, accounting for the cautious optimism.
While the São Paulo market surged last year, the real economy has still lagged far behind. Most growth estimates for this year are under 1 percent. Banco Safra’s head economist, Carlos Kawall, forecasts 0 percent.
Brazil’s most recent unemployment rate, measured over a three-month period ending in January, rose to 12.6 percent, up from 9.5 percent one year ago. Real wages continue to fall.
Some believe this may worsen. “The labor market is likely to deteriorate further as the economy is yet to show signs of minimal positive growth,” Alberto Ramos of Goldman Sachs wrote in a research note last month.
Moreover, any enduring progress in Brazil’s fiscal health depends on major reform of its pension or social security system. Until some of these uncertainties are resolved, investors might be wary of overexposing themselves to the Brazilian market.
“I don’t think that most foreign investors will start diverting a large chunk of their resources into Brazil until we have the social security reform approved and especially until we start showing some growth in G.D.P.,” said Mr. Ejnisman of Banco Bradesco BBI.
The corruption investigation, now starting its fourth year, has Brazil’s political class on edge, in particular Mr. Temer and his allies in Congress.
“The biggest domestic risk is the political scenario,” said Mr. Greenlees of Itaú BBA.
The details from the plea arrangements reached by 77 executives or former executives of the construction company Odebrecht are likely to become public in the coming months. They are currently sealed with Brazil’s Supreme Court.
Ms. Moraes of JPMorgan said one of her biggest concerns was “the political volatility in Brazil, which could delay investment decisions by companies and investors.”
Still, she and others said recent developments offered reasons to be hopeful, in particular the return of foreign investors to recent stock offerings.
“Now it’s a more balanced demand,” said Mr. Greenlees of Itaú BBA. “We’ve seen some respectable foreign investors that were not in the market last year come back.”