Shares in Kali Metals spiked almost 75 per cent on the lithium hopeful’s ASX debut on Monday, an auspicious start for the company which counts a long list of wealthy businessmen including Mineral Resources boss Chris Ellison as backers.

The opening day of trading – after an extraordinary initial public offering in November that opened and closed in less than 20 minutes – included a crossing of 7.5 million shares late in the day. Shares, at one point up 99 per cent, closed at 43.5¢, up from 25¢.