KKR & Co.-backed Advanta Enterprises Ltd. has commenced investor roadshows for a proposed India IPO targeting up to $400 million. The seed producer, a unit of UPL Ltd., filed its draft prospectus in January and secured regulatory approval in June. The company aims for a valuation of approximately $4 billion.

Existing shareholders, including UPL and KKR, plan to sell a combined 36 million shares, representing roughly 10% of equity capital. Deliberations remain ongoing, with details on size, timing, and valuation subject to change. Major financial advisors include JM Financial Services Ltd., Axis Bank Ltd., and the Indian units of Citigroup Inc., Goldman Sachs Group Inc., and Morgan Stanley.

Advanta operates globally through brands such as Advanta, Alta, and Pacific Seeds. In 2022, KKR acquired a 13% stake for $300 million. Last year, Alpha Wave Global purchased a 12.5% stake for $350 million, valuing the company at approximately $2.8 billion.