Shares of Russian search engine Yandex are up about 35% from its $25 IPO pricing last night. That’s a healthy pop, though not nearly the 100%+ pop seen in the first day of LinkedIn trading — trading that had everyone screaming BUBBLE.
What’s more, the valuations don’t look totally ridiculous. It’s trading at 79x 2010 earnings — which themselves had basically doubled from the year before. (see financials on page 50 of the F-1 filing).
Again, rich pop, and a very full valuation, but nothing totally absurd that should warrant any hyperventilation.
If we were actually seeing a bubble, we wouldn’t see this kind of discrimination among stocks: We’d just see wild buying left and right..