Ballast Point Brewing & Spirits has filed for an IPO and will trade under a very fitting ticker -- PINT.

Ballast Point is a rapidly growing San Diego-based craft brewing company. An award-winning brewery, Ballast Point is a leader in the California craft beer market, which boasts over 600 breweries state-wide. Ballast Point is a premier brand and innovative leader and the IPO will be followed closely due to the growing nature of the industry. The offering, underwritten by Goldman Sachs and Morgan Stanley, expects to raise $172.5M.

While the U.S. beer market has remained relatively flat, sales of the craft beer industry have grown significantly. Craft sales increased 18% in 2014 while the overall U.S. beer market rose 0.5%. The craft beer market currently stands at 11% of the $100.7 billion U.S. industry. Craft beer grew its volume market share over 120% in 2014, to 11% of the market, up from 5% the year prior. Ballast Point's sales have been increasing significantly and its future prospects continue to look positive. Ballast Point is one of the fastest growing breweries in the country, with  122,890 barrels sold in 2014, a 230% two-year increase. During the same two-year period, revenue grew to $48.9 million, from $14 million, a 250% increase, representing a compound annual growth rate of 86.6%.

Ballast Point currently offers over 210 beers on draft and a full-time product line of 17 bottled beers. True to its craft nature, the company also releases 30 limited time offerings in bottles throughout the year. Led by its gold-medal winning Sculpin IPA, 2015 has been the best year yet for the company. Both barrels sold and total revenue have surpassed 2014 totals (125,800 and $51.7 million, respectively). This growth will continue as the company expands into several new markets in the United States and abroad. Ballast Point currently operates in 31 states with 10 International Markets. Four new markets have been announced, Iowa, Kansas, Michigan, and Missouri and distribution will take place by the end of the year.

"It is our goal to be in all 50 states," said Nicole Ganz, Ballast Point's Marketing Coordinator.

The company has built significant brand value and recognition over the past few years and is moving full speed ahead with the upcoming IPO. Ballast Point's growth and position as an innovator and leader within the industry make it an IPO to watch.

This article is commentary by an independent contributor. At the time of publication, the author held no positions in the stocks mentioned.