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Facebook, the world's biggest social-networking site,has raised $16bn for itselfin a highly anticipated stock market debut.

The social networking site floated 421 million shares of common stock at $38 inFriday's initial public offering (IPO), valuing the company at $104bn and makingit thethird-biggest public offering in US history.

Just after the offering, which was delayed by a half-houruntil 11:30am EDT, the stock jumped to $42.05 in the opening trades. But the company's new stock closed barely higher than its opening price at $38.15.

"The negativity in the market overall has put a damper on the IPO," said Darren Hayes, a Pace University professor.

"It's not uncommon in an IPO to see a big rise and then for the price to come back down, but I'm a bit surprised after all the hype."

More than 500 million sharesexchanged hands, setting a US record for volume on the same day of an IPO.

'Mark listed FB'

From a student dormitory at Harvard to plush headquarters in Silicon Valley, Facebook - now the world's second-most-visited website - has grown rapidly since its founding in 2004 by Mark Zuckerberg.

Wearing his trademark hoodie and standing before a huge crowd in Menlo Park, California, Zuckerbergremotely opened trading this morning on the NASDAQ Stock Market.

"With 1,000 other Facebook employees, Zuckerberg had an all-night code-a-thon," Al Jazeera's Scott Heidler reported from New York.

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Facebook fails to set stock market alight