Ballast Point Brewing Company, the San Diego brewery and distillery, has announced its plans to go public and is filing the necessary forms with the United States Securities and Exchange Commission to do so. The company is currently valued at $172.5 million and has not yet announced the price of shares or amount of shares to be offered publicly. Control of the company will remain with its founder, who will maintain control over half of the shares.

The company began as a brewing supply store in 1992 and started producing beer in 1996. Its flagship product is the Sculpin IPA though it produces dozens of different nautical-themed beers and spirits, including canned cocktails like the Three Sheets Rum & Cola. Though the company has seen continual growth throughout the years, reliance on the southern Californian market has raised concerns. The public option will make for an influx of shareholder cash, and allow the company the capital to expand its products and maintain competitiveness in the constantly growing market of craft breweries.

As craft beers’ presence continues to grow in the beer market, reliance on local distributors and bars may not be enough to support a company. The public option may be a valid alternative to selling to a large beer company such as AB-InBev, like so many have done recently.

Photo via Ballast Point Brewing Company