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Facing issue in composer.json file for an extension

I have mentioned in my one of extension in composer.json. Could anyone tell what does it mean. I think it means that the php version should be greater than 7.4.0 but less than 8.2.0 but when i installed it on version 8.1.25 it gave this error – version has a PHP requirement incompatible with your PHP version (8.1.25)
Also If i want to allow version greater than 7.4.0 and 8.0.0 and greater than that also then what condition to put

"require": {
        "php": "^7.4.0|^8.2.0",}