The IPO of Brazilian real estate developer Direcional Engenharia signals a recovery in smaller stock offerings in the country, after very large deals earlier this year, said Edemir Pinto, chief executive of exchange operator BM&FBovespa on Thursday.

Direcional raised 250 million reais ($144.7 million) in an initial public offering on Tuesday, compared with the massive 14.1 billion real record offering by Santander Brasil in October.

 ($1=1.728 reais)

(Reporting by Aluisio Alves, Writing by Elzio Barreto, Editing by Gerald E. McCormick)