A uranium trader focused on Kazakhstan is set to make its debut on AIM next month.
Yellow Cake Plc is backed by Bacchus Capital, the corporate finance boutique set up in 2016 by a group of senior bankers led by Peter Bacchus.
Uranium (U3O8) is structurally mis-priced, it says and Yellow Cake will make its money from stockpiling the radioactive metal, commodity streaming and royalties.
Kazakhstan is one of the world's lowest cost uranium producers and has increased production substantially in recent years.
Added to the curtailing of nuclear programmes following the Fukushima disaster in Japan, this has kept uranium prices under pressure.
The group has a long-term supply contract with Kazakh group Kazatomprom, one of the world's lowest cost producers of uranium, that will see it acquire US$170mln of U3O8 following the IPO.
Yellow Cake is paying US$21.01 per pound, a discount of about 8% to the current spot price.
In addition, the Kazatomprom contract allows it buy up to an additional US$100mln of U3O8 each year for the next nine years.
A uranium pile of US$170mln is equal to one quarter of Kazatomprom's annual production and approximately 5% of 2016 global marketed production.
Yellow Cake is expected to join AIM in early July.