An emerging growth company (EGC) need not be “emerging” or “growing.” The JOBS Act defines an EGC as any issuer that had total annual gross revenues of less than $1 billion (adjusted for inflation every five years) during its most recently completed fiscal year, other than an issuer that completed an IPO on or before December 8, 2011. Emerging growth companies can come from any industry and can be high-tech or low-tech; tiny or large; backed by venture capital, private equity, or angel investors; or based in the United States or offshore.

Among the EGCs to complete IPOs since enactment of the JOBS Act are a 134-year-old English professional football team (Manchester United); a producer of sand used in the fracking industry (Hi-Crush Partners); a home furnishings company with $958 million in annual revenue (Restoration Hardware); and a two-year-old biopharmaceutical company with no revenue (Tesaro).

In short, the vast majority of all IPO candidates are likely to qualify as emerging growth companies.