MEXICO CITY – Shares of Bolsa Mexicana de Valores, Mexico's stock exchange, rose more than 6 percent Friday in a $440 million initial public offering that helps it forge links with foreign exchanges.

Spanish stock exchange operator BME bought 1 percent of the Mexican bourse for the opening price of 16.5 pesos a share.

Stock in the Mexican company, known as the BMV, rose to 17.50 pesos after an initial surge of more than 21 percent.

The IPO allows Mexico to link with other stock exchanges and narrow the gap with Europe and the United States, where many markets have already merged across borders.

The BMV, until now closely held by Mexico's banks and brokerages, sold as much as a 41 percent stake, including overallotments.

Spain's operator BME has won approval from its board to acquire up to 5 percent of the BMV.

Besides stocks, the BMV lists debt, derivatives, and interest rate and peso futures. Activity there is slack compared with regional leader Brazil, but over time is expected to pick up.

Brazil's BM&F commodities and futures exchange raised $3.4 billion in its IPO last year, and Bovespa , which operates the Sao Paulo stock exchange, took in $3.8 billion in its market debut. The two are now merging.

Mexico's BMV posted net profit of 290 million pesos ($28 million) last year on 1.21 billion pesos in sales.

The exchange intends to use funds from the offering to increase stakes in its custodian, settlement and derivatives trading businesses.

Mexico's most recent big IPO came in November, when cable television company Megacable raised more than $600 million.

($1 – 10.38 pesos)

(Additional reporting by Ben Harding in Madrid; Editing by Brian Moss)