CB Commercial Holdings Goes Public

Shares of Los Angeles-based CB Commercial Holdings Inc. dropped $1 to $19 in their first day of over-the-counter trading. The commercial real estate brokerage raised about $86 million by selling 4.3 million shares at $20 a piece. The offering will leave about a third of CB Commercial’s outstanding shares owned by the public and the remainder split between employees and a group of investors who purchased the firm from Sears, Roebuck & Co. in 1989 as part of a management-led buyout. The company said it will use the proceeds of the stock offering to reduce its long-term debt. The company’s stock symbol is CBCG.