The world’s largest producer of uranium is heading for a multibillion-pound London float as Kazakhstan kicks off a wave of privatisations.

State-owned Kazatomprom will look to sell up to 25pc of its shares in London and Astana as it cashes in on a recovery in the price of uranium, the radioactive fuel used in nuclear power stations around the world.

The miner, which produces around 20pc of global supply, believes that the uranium market is “undergoing a structural shift” as depressed prices finally rise and supply contracts to power stations expire, meaning buyers will be forced to lock in new agreements.

A share placing in London would provide a windfall for Kazatomprom’s owner, Kazakh sovereign wealth fund Samruk-Kazyna, which hopes the initial public offering will be the first in a wave of privatisations, to be followed by the country’s telecoms operator and national airline.

Analysts have been wary of putting a figure on Kazatomprom’s possible market value, given the limited amount of data available. However, it is thought it could achieve a market cap slightly below that of Cameco of Canada, the second-largest uranium producer in the world, which is valued at C$5.9bn (£3.4bn). In the year to December 31 Kazatomprom’s adjusted earnings before interest, tax, depreciation and amortisation were 38.8bn tenge (£79.6m).