The flotation of auctioneering firm, Sherry FitzGerald, will value chief executive and chairman Mr Mark FitzGerald's 12.14 per cent stake at about £2.4 million (€3.05 million), information in the company's prospectus shows.

The figure is based on the flotation price of 157p (€1.99) when the company goes public in Dublin tomorrow. The London flotation price is 133p sterling (€1.97). The company will be valued at £20 million (€25.3 million). The document also shows that Mr FitzGerald will be paid an annual salary of £100,000.

Other executive directors of the company are set to hold significant stakes in the company, the prospectus discloses.

Mr James Meagher, commercial property director, will have a 6.5 per cent stake worth about £1.3 million and Mr Killian O'Higgins, managing director, DTZ Sherry FitzGerald, will have a 5.35 per cent stake worth more than £1 million. Ms Clair Cullinan, managing director of the group's residential division, will have 4.21 per cent worth almost £850,000, while Mr James Barrett (33), the group's finance director, will hold a 3.11 per cent stake worth approximately £620,000 at the start of trading.

All these executive directors will be paid salaries of more than £70,000 each.

Several other shareholders are likely to be made paper millionaires after the company's listing. Among these are Mr Philip Sherry, Mr Gordon Gill, Mr Simon Ensor and Mr David Lewis, who all hold 5.35 per cent stakes.

The prospectus discloses that three non-executive directors - Mr Gerry Murphy, Mr Donal Chambers and Ms Louise English - were paid an annual fee of £18,000 each.

Mr Murphy, the former director of First National Building Society, was also paid £18,000 for additional consultancy services. The prospectus reveals that Goodbody Corporate Finance will be paid fees of £110,000 for placing the shares and a commission of 2 per cent on 2.2 million shares issued will be paid to Goodbody Stockbrokers.

Staff are expected to subscribe for about €1 million of shares, with most shares expected to be taken up by institutional investors.

The group's profit-and-loss account for the year to December 31st last, included in the prospectus, shows turnover at £9 million, up from £7.6 million in the year before. Pre-tax profits were up from £275,299 in 1997 to £1.7 million last year.

It proposes to raise £2.7 million in the placing, net of expenses, to fund future expansion.

The prospectus says: "The first part of this strategy is the expansion nationally of core residential business which is expected to involve the growth in the Dublin region and the opening of two branches in Cork and Limerick."