Google may have missed the peak. Since hitting recent highs at the end of June, shares in listed giants of the internet have fallen sharply. Yahoo, eBay and Amazon are all off 20 per cent or more in a matter of weeks. That is bad news for those wishing to maximise the price that Google shares will fetch through the auction it is using for its IPO. If the search company is valued against its rivals, it will now command a lower multiple of revenues, earnings, or whatever metric investors decide to use.

But it could be a blessing in disguise. Even with a tough market backdrop, Google's stellar revenue growth, juicy margins and strong brand name should keep investors hungry. Recent market setbacks could help inject a welcome dose of caution into how high investors - particularly private individuals - are willing to bid.