CB Richard Ellis’ IPO hit the market this morning at $19 per share, falling to $18.30 on volume of 7 million shares. Los Angeles-based CBRE (NYSE:CBG) offered a total of 24 million Class-A common shares at $19 each in its bid to raise $456 million. The IPO priced below the deal’s proposed range of $20 to $22 per share.

CB Richard Ellis expects to receive net proceeds excluding out-of-pocket expenses of roughly $138 million as a result of the offering. The company will not receive any of the proceeds from the shares sold by the selling stockholders.

Last year, CB Richard Ellis reported a loss of $34.7 million on revenue of $1.63 billion, versus net income of $18.7 million on revenue of $1.17 billion in 2002. CBG has operations in 48 countries with more than 13,500 employees. The company is highly leveraged, with roughly $650 million in debt.