Qatari conglomerate Estithmar Holding QPSC has hired Rothschild & Co. to advise on a possible IPO of its healthcare subsidiary Apex Health, sources said. Apex posted a profit of 592 million riyals ($162 million) in 2025, and operates 2,700 beds across Qatar, Iraq, Algeria and Libya. The move could produce one of the few listings on Qatar’s modest exchange.

Qatar’s equity market has raised roughly $375 million through two IPOs since 2020, so a successful Apex float would inject fresh capital and signal confidence amid regional turmoil in the region. The Doha index has slipped more than 5% since the conflict began, yet Estithmar shares have climbed about 30%, outpacing peers. Authorities are also courting issuers, with Gulf International Services planning multiple listings.

Qatar Investment Authority continues to chase global deals, recently pledging $500 million to General Atlantic and joining a $10.7 billion acquisition of U.S. utility AES Corp. Those moves, alongside tentative IPO pipelines, suggest the sovereign fund is bolstering liquidity while the local market seeks depth. Apex’s potential listing would therefore be a tangible test of Qatar’s ability to revive its capital markets.