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SYDNEY, May 17 (Reuters) - Australia's Wesfarmers Ltd said on Wednesday it was dropping an initial public offering (IPO) of its Officeworks stationary division which it had hoped would raise as much as A$1.5 billion ($1.1 billion).
"In light of current equity market conditions, Wesfarmers has determined that an IPO of Officeworks at this point in time would not realise appropriate value and would not be in the best interests of its shareholders," the company said in an emailed statement.
The company had distributed marketing materials to brokers and fund managers earlier this month. ($1 = 1.3463 Australian dollars) (Reporting by Tom Westbrook. Editing by Jane Wardell and Richard Pullin)