Hines IPO Falls Short

Reflecting the tough market for new public stock offerings, Irvine-based Hines Horticulture raised $56.1 million Monday, about half the amount it initially sought.

The company sold 5.1 million shares at $11 each.

Hines is one of the nation’s largest commercial nurseries, with $201 million in sales last year. The company has eight nurseries in five states and Canada that produce a variety of plants and peat moss. Its biggest customers include Home Depot and Wal-Mart Stores.

Hines lost $219,000 in the 1998 first quarter because of increased operating and interest expenses. In the same year-earlier period, Hines posted a $280,000 profit.

The company’s shares begin trading today on the Nasdaq National Market System under the ticker symbol HORT.