Agricultural solutions company Advanta Enterprises Ltd on Monday filed preliminary papers with capital markets regulator Sebi to raise funds through an initial public offering (IPO). According to the draft red herring prospectus (DRHP), the proposed IPO will be entirely an Offer-for-Sale (OFS) of 3.61 crore equity shares, with no fresh issue component. The shares will be sold by the promoter, UPL Ltd, and by the investor shareholders, Melwood Holdings II Pte Ltd and KIA EBT Scheme 2. Currently, UPL holds a little over 64 per cent stake in the company, while UPL Corporation owns nearly 14 per cent. As the issue is fully an OFS, Advanta Enterprises will not receive any proceeds from the IPO, and the entire amount will go to the selling shareholders. Advanta Enterprises operates as a global agricultural solutions company focused on hybrid seeds and post-harvest products. The company develops, produces and sells locally adapted hybrid seeds designed to improve crop yields and farm-lev