Vishal Nirmiti, a Pune-based manufacturer of pre-stressed concrete sleepers for railways, has filed draft IPO papers with SEBI. The company plans to raise Rs 125 crore through a fresh issue, with funds earmarked for working capital and loan repayment. An offer-for-sale by the promoter will also be part of the IPO. The company reported a profit of Rs 23.6 crore on revenue of Rs 318.5 crore for the year ended March 2025.