Defense technology company Parsons Corp. set terms for its planned initial public offering on Monday, saying it plans to offer 18.5 million shares priced at $26 to $28 each. The company would raise $499.50 million at the midpoint of the price range. Goldman Sachs, BofA Merrill Lunch and Morgan Stanley are lead underwriters on the deal with another six banks acting as co-managers. Proceeds of the deal will be used to fund an IPO dividend of $52.1 million and repay debt. Once the deal is closed, the Parsons Employee Stock Ownership Plan will hold 80.8% of voting power.