SAN FRANCISCO - Facebook makes its hotly anticipated stock market debut this week in a history-making move promising wealth for insiders and change for users of the online social network.

Facebook set a price range of US$28 to US$35 (S$35 to S$44) for its shares, which would value the firm at between US$70 billion and US$87.5 billion.

The Menlo Park, California-company will nail down the initial public offering (IPO) share price before it begins trading as a public company.

The IPO is expected to happen Friday although the timetable has not been confirmed.

Facebook watchers said users of the social network should expect changes - although not overnight.

"The only reason a company goes public is to raise cash to expand," said Creative Strategies principal analyst Tim Bajarin.

"So, the general public at least knows the IPO means Facebook will be able to do more things.

"Facebook is not extremely specific on what they will do with the money; they say they want to be creative, expand, and do new things."

Facebook will keep slightly more than half of the US$10.6 billion raised by selling stock.

About US$4.9 billion of the cash is to stuff pockets of company founders and investors including rock star Bono.

Mark Zuckerberg, who founded Facebook eight years ago from his Harvard dorm room, will retain 57.3 per cent of the voting power of the shares and the IPO was structured to allow him to retain a firm grip on the company.

"He really wants to create an open social network," Bajarin said of Zuckerberg, who turned 28 on Monday.