The State's largest estate agency, Sherry FitzGerald, is preparing to float on the Irish Stock Market as early as next month. The flotation is expected to value the company at up to £20 million. The group has appointed Goodbody Corporate Finance to act as advisers to handle the listing on Dublin's Developing Companies Market.

A spokesman would not comment on the timing of the flotation yesterday. He stated that Goodbody Corporate Finance has been appointed to advise the firm on a number of options and future sources of finance.

The funds raised will be channelled towards expanding the firm's operation in the Republic and to reduce its debts. Sherry FitzGerald has announced plans to set up Ireland's first national property advisory franchise company. The group expects to have 40 estate agents operating on a franchise basis throughout the State within three years. The flotation would also realise millions for its main shareholders. Managing director Mr Mark FitzGerald's shareholding is estimated to realise over £3 million.

Over the coming weeks, the directors and their advisers will make presentations to fund managers in an effort to encourage interest in the shares ahead of the flotation.

The Sherry FitzGerald group is understood to have had combined pre-tax profits last year of about £2 million on overall fees of £9 million. Buoyed by the property boom, the company reported its busiest year in 1998, selling £300 million worth of second-hand houses and new homes valued at a further £100 million. It has also expanded its commercial property services. Sherry FitzGerald has 23 executive directors. It recently strengthened its board with the appointment of two non-executive directors, Mr Donal Chambers, former managing director of AIB Corporate Finance, and Ms Louise English, a former head of business development at Investment Bank of Ireland. The other non-executive board member is Mr Gerry Murphy, a former director of the First National Building Society.