Officemate Co., Ltd.’s managing director Varrawuth Unjai said the manufacturer and distributor of office accessories may spin off its IPO this year under the condition that the Stock Exchange of Thailand index passed the sensitive 700-point mark.

He said companies’ shares prices do not reflect their respective intrinsic value under the current economic conditions.

“We have to wait and see for changes in overall economic aspect before we could make any decisions. Maybe it’s the third quarter or maybe next year,” he said.

Officemate plans to float 20 million shares in an initial public offering (IPO) with the Market for Alternative Investment (mai).

The company has appointed Thanachart Securities Plc as it financial advisor.

Officemate reported a total sale of 450 million baht for the fist half of 2009, down 8.0 percent from the same period a year ago, hurt by the widespread of global economic slump.