Global and local law firms are benefiting from a banner year for initial public offerings in Brazil despite the COVID-19 pandemic.

Through October, 22 Brazilian companies have raised $5.7 billion via IPOs, compared with seven offerings in the same period of 2019 valued at $5 billion, according to data from Refinitiv. The number of offerings tripled despite the window to market having slammed shut for nearly three months starting in early February.