Billionaire Family’s Firm Taps Rothschild for Rare Qatar IPO

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(Bloomberg) — A Qatari conglomerate that’s part of the billionaire Al-Khayyat family’s empire is working with Rothschild & Co. on a potential initial public offering of its healthcare unit, according to people familiar with the matter, in what could be a rare listing on one of the Middle East’s quieter exchanges.

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Estithmar Holding QPSC has tapped the Paris-based firm to advise on a listing of its subsidiary, Apex Health, in Doha, the people said, asking not to be identified discussing confidential information. Apex generated 592 million riyals ($162 million) in profit in 2025, according to the conglomerate’s exchange filing.

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Deliberations are ongoing and no final decisions have been made on the timing or size of any deal, the people said.

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Estithmar’s representatives declined to comment on advisory appointments, but said the firm continuously evaluates opportunities that support value creation for shareholders, “including exploring potential listing opportunities in Qatar alongside broader regional growth opportunities.” Rothschild representatives declined to comment.

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A successful listing would provide a boost to Qatar’s equity capital markets, where only about $375 million has been raised through two IPOs since 2020. 

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Doha’s benchmark index is down over 5% since the start of the regional conflict, after recovering some of the losses triggered by Iranian strikes on Qatar’s energy infrastructure. Estithmar, meanwhile, has been one of the Gulf’s best-performing stocks since the war began, rising about 30%.

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Qatar’s economy is expected to be among the hardest hit by the conflict, as exports through the Strait of Hormuz remain constrained despite a fragile ceasefire between the US and Iran. Doha has responded with measures including loan deferrals and liquidity support for banks, while also raising billions through private placements to help weather the crisis.

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Even so, the country’s $580 billion sovereign wealth fund, the Qatar Investment Authority, has continued to pursue global deals. Last week, QIA said it would commit $500 million to General Atlantic’s growth equity strategies. In recent months, it has also joined the latest funding round for fitness-tracker startup Whoop Inc. and participated in a $10.7 billion deal to acquire US utility AES Corp. 

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There are also tentative signs of a revival in Doha’s equity capital markets. State-backed Gulf International Services QSC has announced plans to list units Al Koot Insurance and Reinsurance and Amwaj Catering Services on the local exchange.

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Outside IPOs, the exchange last year hosted a record $552 million follow-on offering by which the Abu Dhabi Investment Authority trimmed its stake in Qatar’s largest telecom operator.

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Doha has also rolled out incentives to attract global financial firms, though it still trails more established Gulf financial centres such as Dubai, Abu Dhabi and Riyadh.

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Apex operates 2,700 beds across Qatar, Iraq, Algeria and Libya and “continues to expand its footprint across the Middle East through investments in specialized care, hospital operations, and healthcare infrastructure,” Estithmar representatives said. 

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