The equity market is prepared to pay “outsized valuations” for growth according to the venture capitalist and Vocus founder James Spenceley, who said if Vocus were to list today it would happen at 25 times earnings, not the five times multiple float he oversaw.

“Everything is overvalued, there’s absolutely no question, we’re into bubble territory. I think the important differentiator is bubbles can keep going for a very long while,” Mr Spenceley said.