* No IPO for Renault's electric showcase

* Equity markets and the EV market "not ideal"-De Meo

* Renault has enough cash to finance the business without an IPO

* Nissan and Mitsubishi's investment was not conditional on the deal, Qualcomm's was.

(Updated with details, quotes)

PARIS, January 29 (Reuters) - Renault announced on Monday that it was cancelling the initial public offering of Ampère, a central pillar of the automaker's transformation strategy, on the grounds that market conditions were not adequate and that it was in a position to finance its electric and software subsidiary from its own resources.

The deal, eagerly awaited for the more than 100-year-old group's technological showcase, had been envisaged for the first half of the year if the context was favorable.

"Renault Group considers that current market conditions are not conducive to pursuing the IPO process and serving the best interests of Renault Group, its shareholders and Ampère," the French carmaker said in a statement.

"Given current market conditions and higher than expected cash flow levels, Renault Group has decided to cancel the process," it added.

During a press teleconference, CEO Luca de Meo stressed that the equity markets and the context on the electric market today were "not ideal".

"Of course it would have been interesting (to do the IPO). But we have the money to take the project forward as it is without having to go to the market, so I think that's also good news, because it means that the machine behind it is working and generating enough cash," he added.

Renault will publish its annual results on February 15.

Last autumn, sources told Reuters that a slowdown in demand for electric vehicles, increased Chinese competition and turbulent financial markets amid continuing geopolitical uncertainties were complicating Ampère's planned IPO.

Several analysts also questioned Renault's ability to achieve the hoped-for valuation of up to ten billion euros. Luca de Meo repeatedly replied that the objective was still an IPO, but not at any price.

AMPERE, THE ANSWER TO TESLA

A forerunner in electric vehicles with Nissan in the previous decade, Renault has since been supplanted by newcomers such as Tesla, a pure player in battery-powered vehicles, and Chinese brands.

The creation of Ampère last autumn should help the group to get back into the race by giving greater visibility to its electric and software activities, alongside its historic assets in internal combustion engines.

Renault, whose priority is also to restore its credit rating to investment grade, said the decision to cancel Ampère's IPO "has no impact on (its) financial outlook (...), nor on its capital allocation strategy."

Nor does it change the commitment of Nissan and Mitsubishi to invest in its electric subsidiary, since the agreement reached with Renault's two Japanese partners is valid whether or not the IPO takes place, stressed CFO Thierry Piéton during the press teleconference.

On the other hand, investment by Renault's US semiconductor giant and technology partner Qualcomm was dependent on the IPO going ahead.

"We'll now have to discuss with them whether they want to participate in another way, or whether we should leave things as they are," added Thierry Piéton. (Reported by Gilles Guillaume, written by Nicolas Delame, edited by Kate Entringer)

by Gilles Guillaume