PhysicsWallah is planning to launch IPO to raise $400 million-$500 million in 2025, a report said. The edtech startup has shortlisted four investment banks- Axis Capital, Kotak Mahindra Capital, Goldman Sachs and JP Morgan as advisors for the same, the report added. The Alakh Pandey-led firm may reportedly be valued at $4 billion to $5 billion after the IPO.