Estithmar enlists Rothschild for healthcare IPO in Qatar

Qatar’s Estithmar Holding is reportedly working with Paris-based Rothschild & Co on a potential listing of Estithmar’s healthcare subsidiary on the Qatari stock exchange.

The initial public offering comes as a boost to the local bourse. Qatar has raised only $375 million through two listings since 2020.

Rothschild & Co is advising on Apex Health’s IPO, Bloomberg reported, quoting unidentified sources.

Apex Health reported QAR592 million ($162 million) in profit for 2025, the report said.

Deliberations are ongoing, and no decision on the timing or size of the IPO has yet been finalised.

Estithmar is continuously evaluating opportunities, including potential listings in Qatar and broader regional growth opportunities, according to the report.

Estithmar shares are up nearly 30 percent despite a drop of more than 5 percent for Doha’s benchmark index since the start of the Iran conflict.

Apex operates more than 2,700 beds across eight hospitals in Qatar, Iraq, Algeria and Libya, according to its website. Annual inpatient admissions are more than 175,000, while annual outpatient visits exceed 2.8 million.

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In April, Estithmar subsidiary Masaref Holding acquired a 49 percent stake in Syria’s Shahba Bank, formerly known as Byblos Bank Syria. The transaction was the first foreign banking acquisition since the US lifted sanctions on Syria late last year.

Estithmar’s vice chairman and president, Ramez Al Khayyat, and his brother, chairman Moutaz Al Khayyat, own 19.82 percent and 19.38 percent stakes, respectively, according to the company’s annual report for 2025.

Last month the company reported revenue of QAR1.5 billion for the first quarter of 2026, up 11 percent annually, while net profit rose 97 percent to QAR333 million.