The decision last week by Morgan Stanley Dean Witter to raise the price range on this month's IPO of lastminute.com may have left retail investors fuming at having to resubmit their applications.

But even at the top end valuation of £572m (E938m), lastminute.com is still significantly undervalued compared with other UK internet stocks such as QXL.com - on the basis of standard internet valuation measures - if investors are prepared to swallow current valuations.