Those institutional investors (the punters as usual didn't get a look-in) who got into Parthus in the May flotation have done rather well, with the shares getting the nod from a succession of analysts and now being chased by index funds ahead of inclusion in the FTSE-350 when that index is revised in September.

It has to be pointed out, however, that some of the gushing prose on Parthus has come from banks which were directly involved in the flotation, have sizeable shareholdings and, as a result, have a vested interest in talking the shares up.

Goldman Sachs, which came out with the "outperform" recommendation, was global co-ordinator, book-runner to the book-building and sponsor of the share offering. Donaldson Lufkin Jenrette (DLJ), which told its clients to "buy", was a co-lead manager.

No doubt, Goldman and DLJ disclosed their interests in Parthus, but investors thinking of ploughing into Parthus at current levels might wait for some independent analysis.

At current prices above £2 sterling (€3.17), Parthus is not cheap and a lot of hope is built into a stock market valuation of €1.7 billion.

A good company in a booming market, but be cautious.