SHARES in the State's largest estate agency, Sherry FitzGerald, begin trading on the Dublin and London stock markets on Thursday.
The firm's adviser, Goodbody Corporate Finance, has applied to both exchanges for the shares to be listed on the Developing Companies Market and the Alternative Investment Market this week.
Sherry FitzGerald wants to raise €4.5 million (£3.5 million) through a share placing. Staff will subscribe for around €1 million of the shares with most shares expected to be taken up by institutional investors.
The flotation will value the firm at close to £20 million (€25.3 million).
Goodbody Stockbrokers has applied to place 2.64 million Sherry FitzGerald shares of 12 cents each at €1.99 (£1.57) and £1.33 per ordinary shares on both markets on Thursday.
Goodbody is due to issue the listings prospectus today. Funds raised will be channelled towards expanding the firm's operation in the Republic and reducing debt.
Sherry FitzGerald is understood to have had combined pre-tax profits in 1998 of £2 million on overall fees of £9 million. Last year was a record year for the firm which sold £300 million worth of second-hand houses and a further £100 million of new houses.
The group plans to set up Ireland's first national property advisory franchise. It hopes to have 40 estate agents operating on franchise throughout the State within three years.
