Qatar’s Estithmar Holding is weighing plans to take its healthcare subsidiary, Apex Health, public, in a move that could inject momentum into the country’s underactive equity market.

The Al-Khayyat family-backed group has hired Rothschild & Co. to advise on a possible flotation on the Qatar Stock Exchange (QSE) in Doha. The proposal remains in its early stages, with key aspects such as the size of the offering and its timing yet to be determined.

Companies aiming to list on the QSE are required to offer between 20% and 60% of their shares to investors, while also meeting thresholds that include a minimum paid-up capital of 40 million riyals and at least 200 non-founder shareholders prior to admission.

Apex Health has grown into a cornerstone of Estithmar’s earnings base, delivering roughly 592 million riyals in profit in 2025. Its operations span a broad regional healthcare network, encompassing around 2,700 beds across facilities in Qatar, Iraq, Algeria and Libya.

Meanwhile, state-owned Gulf International Services QSC announced last year plans to float units such as Al Koot Insurance and Reinsurance and Amwaj Catering Services.

Qatar’s benchmark index has declined by more than 5% amid heightened regional tensions and earlier disruptions tied to attacks on energy infrastructure. However, Estithmar has bucked the trend, with its shares climbing about 30% over the same period.

(Writing by Ahmad Mousa; editing by Seban Scaria)
Ahmad.mousa@lseg.com