RIYADH: Abu Dhabi’s stock exchange has rebranded its Second Market into a newly launched Growth Market, with a market cap of 62 billion dirhams ($17 billion), in a push for more privately-owned business listings. As it replaces the Second Market, the Growth Market will continue to target startups, family businesses, and early growth companies, ADX said in a statement. It will allow companies to kickstart their path to joining capital markets through a direct listing, without the need for an initial public offering. "The Growth Market is an integral part of the ecosystem that Abu Dhabi is building to nurture businesses, from startups through to maturity,” Hisham Khalid Malak, chairman of ADX, said. “By paving the way for companies to begin their capital markets journey, in a streamlined and less onerous manner, we open up numerous growth avenues for them to explore, including facilitating a potential IPO on the main market in the future,” CEO of the bourse, Saeed Hamad Al Dhaheri, added.