Explorer Top End Uranium has ended its first day of public life on the Australian stock exchange at a discount to its initial public offer (IPO) price.

Top End opened at a modest premium of 20.5 cents or 2.5 per cent higher than its offer price of 20 cents, before closing one cent lower at 19 cents.

The uranium explorer's portfolio consists of three project areas - Arnhem Land, Yambarra and McArthur South - covering about 37,000 square kilometres in the Northern Territory.

Top End has been spun-out of diamond explorer North Australian Diamonds Ltd, which has retained 25 per cent of the issued capital in the uranium explorer.

The company raised $9 million through its IPO.