Shares in U.S.-focused base metals explorer Alderan Resources Ltd. reached an intraday high of 39 Australian cents on the company's first day on the ASX, marking a 95% gain on the IPO price.

The Perth, Western Australia-based company said June 9 that it listed following an A$8.5 million IPO that closed heavily oversubscribed, with strong institutional investor backing.

Tolga Kumova, former managing director of Syrah Resources Ltd. and a current director of Alderan, is a substantial shareholder, with a 13.11% stake.

Alderan owns the Frisco project in Utah, which hosts three copper-zinc-lead-silver-gold advanced exploration targets and a possible fourth prospect.

The cash raised from the IPO will be used to undertake an aggressive exploration program aimed at establishing an initial resource at the Cactus prospect and testing the potential of the Frisco project.

Alderan was initially aiming to start trading on the ASX before the end of May, but despite the slight delay, investors showed interest in the newly minted junior.

In the 2.5 hours that Alderan traded on its first day, 564,131 shares changed hands in over 60 transactions, valued at A$190,041.

By the closing bell, shares remained up at 38 cents.