Appeal of IPAs inspires Ballast Point IPO – Los Angeles Times

Ballast Point Brewing & Spirits Inc. won over California beer aficionados with its Sculpin India pale ale, and now the San Diego craft brewer is betting that an even wider audience will want to try its hoppy beer.

The 19-year-old brewery has filed plans with the Securities and Exchange Commission to sell shares to the public and expects to raise $172.5 million. Ballast Point is just one of a few craft breweries — and the first in Southern California — to file for an initial public offering. The company plans to trade under the symbol PINT.

The move is the latest example of the booming popularity of craft beers, especially India pale ales.

Craft brews continue to outperform the overall U.S. beer market, where their market share has grown to 11% in 2014 from 4.9% in 2010. Retail sales of craft beer in 2014 totaled $19.6 billion, up from $8.8 billion in 2010, according to Ballast Point’s SEC filing.

California alone is home to nearly 600 craft breweries, the most of any state, according to the California Craft Brewers Assn.

Part of the appeal of craft breweries is Ballast Point’s specialty: India pale ales.