Investors initially moved in after the French firm cancelled plans to list its electric vehicle business, Ampere.
The carmaker blamed sluggish stock market conditions for ditching the idea.
The reversal comes just months after CEO Luca de Meo said the IPO could be worth close to $11 billion.
Reuters reported in November that weaker EV demand, more competition from China, and market volatility had complicated Renault's plans to list Ampere.
The IPO's aim was to gain more value from the business by giving Ampere further visibility and separating it from the combustion engine business.
Now Renault says it has enough cash to do without the stock market listing.
It also said it would continue to fund the development of Ampere until it reaches break-even in 2025.
The automaker had warned late last year that it would not go ahead with the IPO if the valuation was too low.
In December, Renault's longstanding alliance partners Nissan and Mitsubishi confirmed plans to invest in Ampere.
Renault said Monday both partners were interested in investing even if it didn't move forward with an IPO.
Chip maker Qualcomm was also expected to invest in Ampere, but that depended on the IPO taking place.
