Mumbai-based Paras Defense and Space Technologies Ltd’s initial public offering has fixed its price band of Rs 165-175 a share. Earlier, the firm said it would open for subscription on 21 September and closes on 23 September.

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The issue comprises fresh issuance of equity shares worth Rs 140.60 crore and an offer of sale of up to 1.72 million equity stocks by promoters and existing shareholders. The firm plans to list on 1 October. On the upper band, the firm will raise around Rs 170.70 crore.

The OFS consists of up to 1.25 million by Sharad Virji Shah, up to 50,000 shares by Munjal Sharad Shah, up to 3 lakh shares by Ami Munjal Shah, and up to 62,245 shares each by Shilpa Amit Mahajan and Amit Navin Mahajan.

Paras Defense and Space Technologies caters to four major segments of the Indian defence sector, namely, defence and space optics, defence electronics, electro-magnetic pulse (EMP) protection solutions, and heavy engineering.