Pentagon Rubber, a leading engineering component firm, has launched a Rs 16.17 crore ($2.5m) initial public offering (IPO) in India. The company is offering 23,100,000 equity shares with a face value of Rs 10, at a price band of Rs 65-70 per share. The IPO opens on Monday 26 June and closes on 30 June. Pentagon Rubber's IPO proceeds will be used to finance the expansion of its business, meet general cost requirements and issue expenses, with the firm expecting to triple revenue over the next two years.