After a punishing dry spell, companies are lining up to go public again, and the New York Stock Exchange is preparing for its busiest listing season in years. The reopening of the IPO window marks a turning point for a market that had all but frozen.

The fictional software company Northwind is among those testing investor appetite, with bankers reporting strong early demand. A successful debut, they say, could clear the way for dozens more waiting in the wings.

The revival is a relief for Wall Street, where new listings generate lucrative fees and signal broader confidence. Still, memories of overhyped debuts linger, and investors are scrutinizing profitability more closely than in the boom years.