UPL (NSE:UPL, BOM:512070) unit, Advanta Enterprises, has started investor meetings for a proposed India IPO that could raise up to $400 million, Bloomberg reported Monday, citing people familiar with the matter.

The KKR-backed seed producer could launch the offering as early as November and is targeting a valuation of about $4 billion, the report noted.

The proposed IPO will be an offer for sale by existing shareholders, including UPL and KKR, which would sell a combined 36 million shares, or about 10% of Advanta's equity. The size, timing and valuation have not been finalized yet and could change, the report said.

KKR and Advanta did not immediately respond to requests for comment.

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