The minimum amount of investment required by retail investors is Rs 14,896. 4 million used cars sold in FY 2021-2022, showcasing the momentum in this sector. End of year Market Cap. 83 out of 10. 09 at mid-day. 69 crore. The issue has received good response from non institutional investors and retail segment, with bids coming in for 32. It therefore misses out on a standard by which value is traditionally calculated. 33. Investors in the company include iPod inventor Tony Fadell, Twitch co-founder Kevin Lin, Reddit CEO Steve Huffman, and YouTuber Casey Neistat. 54 times the initial offered size of 4,50,29,207 equity shares. The annual report on the most valuable and strongest global brands. Search by owner. Brand valuation is the process of estimating the total financial value of a brand. boAt has been dubbed the 5th largest wearables brand globally since December 2020. Julian's, Malta, King gained prominence after releasing the cross-platform title Candy Crush Saga in 2012, considered one of the most. 45x Caution: Reliance Retail looks highly overvalued in the unlisted market. ADVERTISEMENT. Flair IPO lot size is 49 equity shares and in multiples of. Dream11 is an Indian fantasy sports platform that allows users to play fantasy cricket, hockey, football, kabaddi, handball, basketball, volleyball, rugby, futsal, American football and baseball. We analyse a sample of 71 brands valuated by Interbrand, Brand Finance and BrandZ from 2013 to 2015. Based on the issue price the company's P/E ratio is calculated at 33. Brand valuations are used for a variety of purposes, including tax, finance, and marketing. 54 times, with. 12x on day 2. Introducing to Brand Value Creator (BVC) Brand Value Creator (BVC) helps you understand how to grow brands and how people make choices. What is brand evaluation? Brand evaluation measures a brand’s worth using pertinent metrics that determine how the brand affects users and consumers. The brand assessment considers financial (such as brand value) and non-financial factors (i. In April 2019, Dream11 became the first Indian fantasy sport company to become a unicorn. Away is an American luggage and travel accessories brand founded by Jen Rubio and Steph Korey in 2015 and based in New York City. The market capitalization of Apple as on 31st March 2011 was US$ 322. It offers mortgage loans like housing loans, small ticket loans against property, medium ticket LAP, unsecured business loans, and gold loans. These data are analyzed before going for a final audit. 21 Cr) Fresh Issue:. Kim Kardashian's apparel brand, Skims, is 4 years old and worth $4 billion. Being the interpreter between the language of. In May 2022, Myntra launched an express delivery service on its app to offer one of a kind of experience by fashion &. 5 billion valuation in IPO, a source says September 12, 2023. My favorite thing from this is how their key metrics are on the second slide. Markets category AI firm Brand Engagement Network to go public via SPAC deal September 7, 2023. The company was founded in 1946 by French fashion designer. head Mike Cagney, is working with banks including Goldman. 4%. This method is often referred to as the “in-use” approach. VALUATION The valuation of the beauty and lifestyle retailer now pegged at $1. Create a valuation scope. 1. A conflict of interest exists if those who value a brand were also involved in its creation. The market value method. Companies seeking to go public must take concrete steps on ESG through a strategic, transparent, and data-backed approach. First, having an accurate figure would help the company’s leadership decide how to manage a major asset. 1 billion; Amazon: $70. management, corporate strategy and execution, brand strength and operational efficiency, and corporate governance. ISO 10668: Brand Valuation is an international standard for measuring brand value. The offer has been subscribed 6. 89 apiece. According to FoodNavigator-USA, ZOA’s sales were nearly $3. Brand valuation and brand evaluation are linked ideas that. DETERMINING IPO Terminal value is a very important concept in the valuation of the firms, since it constitutes about 60% to 80% of the total enterprise value of the company. September 18, 2014 2:43 PM EDT. 0222 (ii) EV - 2. e. New Balance began in 1906 as a one-man operation manufacturing arch supports, and today exists as a global corporation, selling footwear and apparel in“This investment will accelerate our work to build the metaverse and create spaces where players can have fun with friends, brands can build creative and immersive experiences and creators can build a community and thrive. The principles of understanding brand value can also be applied to geographic. com was a dot-com enterprise headquartered in San Francisco, U. Make your brand's business case. Year Market cap Change; 2023: $113. 5 billion in 2019. INTA has established a Brand Valuation and Evaluation Sub-committee as part of its Commercialisation of Brands Committee to focus on these matters. The brand was founded by Kardashian and chief executive officer Jens Grede and has expanded its. The size of China's car rental market will amounted to 84. 72 Billion. Founded in June 2012, Gymshark creates and distributes its own range of fitness wear. The sociological basis for a brand’s valuation is as a trust mechanism. INVENTORS, INNOVATORS, & INDUSTRIAL DESIGNERS. This article classifies brand valuation methodologies according to the approaches and premises they adopt and their suitability for different types of applications. Brand valuation is the process of estimating the total financial value of a brand. The three-day bidding process for the IPO will end on November 24. 00 AM on day 2 of. Brand equity can be positive or negative. . Unicorn is a business term used to define a startup with a valuation of over $1 billion. . You establish valuation standards, thresholds and assets to evaluate. The danger of double-counting the value of a brand name The value of a brand name results in higher growth and higher value for the firm owning it. A high-profile marketing campaign gave it a widely recognized public presence, including an appearance in the 1999 Macy's Thanksgiving Day Parade. 11/06. 2 days ago · The company has fixed the price band for the IPO in the range of ₹ 475 to ₹ 500 per equity share of face value of ₹ 2. EBITDA multiples are one of the most commonly used business valuation indicators that is often used by investors or potential buyers to assess a company’s financial performance. 67 = $3,670,000. com. Report should initiate conversation, rather than focus on dollar-amount or ranking. The $73. Based on a company’s specific circumstances, sometimes going public is a bad decision. Yet. An IPO valuation is the process by which an analyst determines the fair value of a company's shares. In 2020, the company was valued at over £1 billion. By Express News Service. EBITDA is an acronym that stands for earnings before interest, tax, depreciation, and amortization. Following are the top U. The IP that protects a brand's identity is fundamental to its value, but the extent of its value depends on the associated 'brand. Brands can be valued using a variety of techniques. The economic merit of a brand lies in its reputation and esteem. The company that. With new car prices skyrocketing, the appeal. Market cap history of Uber from 2019 to 2023. 20 hours ago · Giving the ‘subscribe for long term’ rating, brokerage Anand Rathi in its note said, “On the valuation front, we believe that the company is fairly priced. 26 billion. Shares closed the day at $144. General Atlantic provides $500 million in fresh capital. Brand valuation is the analysis of a company’s financial worth, taking into account all of its tangible and intangible assets. 00 implies 22. Show values in: USD ($) Brand Finance has calculated the brand value of the IPSOS brand once, in 2011. The move towards an IPO comes after Permira, the private equity firm that acquired Golden Goose in 2020, considered a sale earlier in June 2023 but later decided to pursue a public listing instead. ” Epic's post-money equity valuation is $31. The primary objective of boardrooms is to build and sustain shareholder value over the long-term. [1] If an investment adds cash to a company, the company will have a valuation after the investment that is equal to the pre-money valuation plus the cash amount. They influence customer choice and create loyalty; attract, retain, and motivate talent; and lower the cost of financing. INCLUDES all the tools you need to an in-depth Brand Valuation Self-Assessment. Filter by condition. 5x on a. com. Others point out. The company sold a total of 130. 11 times on the upper end of the price band and using diluted EPS (earnings per share) for FY23 and a PE of 7. Chewy was founded under the name "Mr. Jill Avery. Having attained B Corp™ status in 2019, the brand is perceived to have met the highest verified standards. Myntra is a major Indian fashion e-commerce company headquartered in Bengaluru, Karnataka, India. Myntra - Logo Myntra Logo. The Government of India realised the need for an institutional framework for the valuation profession and to design a regulatory framework that is grounded on realities and meets the expectations of the stakeholders, and for the purpose extensive consultations were made. The IPO is the most commonly recognized new issue and is the process by which a private company becomes a public company and sells its shares to the public for the first time. 21 times subscription. 4. 6 million in 2015 and has been the go-to apparel for some of the biggest sports stars in the world today. Barangay Libertad in Kauswagan, Lanao del Norte parades their raft that bagged the top prize during the town’s Hugyaw sa Kadagatan Festival marking. 2 days ago · Tata Technologies IPO price band has been set at ₹475 to ₹500 per share. Feb 9, 2022—13 min read. Para saber mais acesse:Management Services. Article continues below this ad. If a firm wants to achieve sustained success, building and sustaining brand equity and superior brand management are essential strategy initiatives for the boardroom. To calculate the brand value, the income approach uses future net earnings that can be attributed directly to the brand to determine its current value. Crimmins (2000) argues that, for a consumer-based conceptualization of brand value, price premium should be used to define brand valuation (see also Macias and Rodriguez 2018). Published by Statista Research Department , Nov 7, 2023. Two identical companies may have very different IPO valuations simply because of the timing of. Kind LLC ( doing business as Kind Healthy Snacks ), stylized as KIND, is an American snack food company based in New York City. 28 crore shares against 2. Behind our brands is a group of extraordinary leaders and teams. French car maker Renault will not go ahead with an initial public offering of its electric vehicle unit Ampere, planned for next year, if the valuation is too low, Renault. About the Issue: Fedbank Financial Services Limited, promoted by Federal Bank Limited, is a NBFC with a retail focus. The minimum order quantity is 17 Shares. Uber brand ambassadors have been accused of actively targeting successful driv-ers from Lyft. Gary Young, CEO at Royalty Exchange says it’s reasonable to assume her 30%. With a reasonable valuation, IREDA IPO should be subscribed to by long-term investors. Brand Valuation: A versatile strategic tool for business. Realiza diversas versões da pesquisa Top of Mind em. [1] The ISO 10668 standard specifies six key requirements for the process of valuing brands, which are transparency, validity, reliability, sufficiency. Dior holds 42. Its flagship hardware products are the Xbox video game consoles and the. Government-owned DTC - which plans to offer a 25% stake through the IPO - set a price range of between 1. 2. Quality : The three-year average ROE and ROCE of Flair Writing are 16. Prospectively, brand valuation can be used to compare the outcomes of different brand strategies and the. In 2019, Instacart was responsible for just under 11% of ecommerce grocery sales, according to eMarketer. IPESO Instituto de Pesquisa on LinkedIn: Brand Valuation IPESO. The method used in every. The company, citing Crunchbase data. Category expansion appears to be most effective when a brand has grown to a certain size, and when the expansion enhances and protects the brand’s unique value proposition. End of year Market Cap. The following article lists the most valuable corporate brands in the world according to different estimates by Kantar Group, Interbrand, Brand Finance and Forbes. Data analytics and AI software maker Databricks has raised a Series I round worth more than $500 million, earning a valuation of $43 billion. Coinbase made a rousing debut on Wall Street Wednesday, with shares of the digital currency exchange rising as high as $429, briefly giving it a market value over $100 billion. UBER’S pre-initial public offering (IPO) valuation was as high as $120 billion, making it the most valuable privately held company ever. Every year Brand Finance undertakes the world's largest study on brand valuation, ranking over 5000 of the world's biggest brands across all sectors and geographies. Most analysts have recommended “subscribe” to the issue, citing its deep expertise in the automotive industry, well-recognised brand with experienced. Brand Data At Your Fingertips. 2 days ago · On Valuation per se at upper price band of Rs 500/- and based on annualized earnings and fully diluted post-IPO paid-up capital, the issue is asking for a Market Cap of Rs 20,283 crore with P/E of. They influence customer choice and. Oddity Tech, the beauty platform behind the Il Makiage and Spoiled Child brands, opened on the public markets with an approximate valuation of $2. eBay, PayPal, Kijiji and StubHub, 500 King Street West, Toronto, April 2014. 75 billion worth of clothing, shoes, accessories and fragrances in 2022. 69 Cr. Brand Strength measures the ability of the brand to create loyalty and. Learn about the iconic brands, products, people, and history that make up Kenvue. The company plans to raise ₹3,042. Last fortnight, Honasa Consumer, which runs popular personal skincare brand Mamaearth, filed its DRHP to get listed on the stock markets via an initial public offering (IPO). When I use my reverse discounted cash flow model to quantify the. These key parameters include the ability to acquire new customers and retain current customers. However, the growth of Tata. Brand Value Research. Market cap history of. Published 1:47 PM PST, April 14, 2021. Altisource Asset Management Corp 11/01/2023. com Limited in St. 7 billion. 12 crore offered shares. Link Intime India Private Ltd is the. The company was founded in 2007-2008 to sell personalized gift items. Alibaba Group Holding Limited, or Alibaba (Chinese: 阿里巴巴), is a Chinese multinational technology company specializing in e-commerce, retail, Internet, and technology. For FY23, the company's ROE and ROCE were 31. Birkenstock, the German premium footwear brand backed by private-equity firm L Catterton, has targeted a fully diluted valuation of about $10 billion in its highly anticipated U. Now, the brand is hoping to rebound by partnering with other businesses, hotels, and gyms. This ability to endow a. 5x, and it's a great opportunity for investors to encash listing gains as well as for long-term benefits. C. It currently has $100 million in. 18 hours ago · SUMMARY. And the IPL’s most valuable franchise. The IPO opens on February 4, 2022, and closes on February 8, 2022. Brand value is a financial measure of your brand’s worth. Brand Valuation. It comprises a fresh issue of ₹302 crore and an OFS of 1. 08 crore shares, which is 15. This Brand Valuation All-Inclusive Self-Assessment enables You to be that person. Coinbase Global Inc. 53, though the stock has rebounded 20% over the last month to $42 a share. Developing products for healthier people and planet. The results can quickly become out-dated – or worse, inaccurate – if the. g. Even though it began as an energizing stage in 2010, Paytm has changed its plan of action to become a commercial centre and a virtual bank model. A conflict of interest exists if those who value a brand were also involved in its creation. The brand currently enjoys a 60% market share in the entire vodka category (across domestic and international brands) with over 20 variants. 2. This ability to endow a product, service or company with an emotional significance over and above its functional value is a substantial source of value creation. The iconic footwear brand plans to sell shares for between $44 and $49 apiece when it debuts on the New York Stock Exchange, aiming to raise as much as $1. Brand value of Apple in 2018 is $146. Based on this audit, a prospectus is being made and filed with the registered. The issue size of the IPO is 500. Reebok is. The surge in the Indian used car market is notable, with a whopping 4. This means that there will be brands exiting the market. including enhancing the brand image among existing and potential customers and creating a public market for the Equity Shares in India. Shein is touting its hopes for a valuation of as much as $90 billion as it lays the groundwork for an eventual U. The startup valuation is the summation of those monetary values. Flair Writing reported a 114. The IPO opens on November 22, 2023, and closes on November 24, 2023. Pitch Perfect: Why a Powerful Brand Story Is Essential for IPO Success. July 31, 2023 at 8:50 AM PDT. All are customer-obsessed, digitally-focused, hyper-innovative and consciously responsible. That is, if you believe Interbrand’s valuation. The company has fixed a price band of Rs 475 to Rs 500 per share on a face value of Rs 2. 44 billion) at the upper end, back-of-the-envelope calculations show. Feedback. Footwear brand Birkenstock, known for its high-fashion array of sandals, is considering going public in September via an IPO, potentially valuing the company at more than $8 billion. We present a novel brand valuation method based on conversion ratios. At present, shares of Tata Technologies traded at a premium of Rs 350 per share in the unlisted market. It became the first publicly traded company to ever reach the figure on Monday, when its stock. You can navigate the site by either going to individual chapters and getting supporting material by chapter, or by going to the supporting material directly. " According to market research institution Techinsights, despite a 0. The company reached a $1 billion valuation by 2013, which made it. According to Forbes, the world’s five most valuable brands recognised are the following: Apple: $182. 73 times. Readers should note that lists like this, while. Zepp’s latest valuation metrics. The process of measuring brand value may vary, especially depending on your valuation scope and approach. The company tried some strategies to lift its brand value. 26 ($2. In 2022, the. The. Brand Valuation A versatile strategic tool for business. Innovating to create formulations that have the power to change the world while protecting the planet. This round sticks out, particularly as many late-stage. The bid lot size is 30 Equity Shares and in multiples thereof. 48 billion ). INDUSTRIAL DESIGN. 13 Mn) in annual revenues. [4] In March 2012, the company estimated a total yearly revenue of $26 million, despite losing money in its first half year. ISO 20671 was inspired by the Austrian standard, ONR 16800 Method for the evaluation of the intangible asset brand, published in 2006. Here various valuation techniques are used by financial market participants to determine the price they are willing to pay or receive to effect a sale of the business. These include boots brand Dr Martens, whose shares are down almost 70 per cent since Permira listed it in January 2021; chemicals firm Azelis, which has shed 25. Non. 9 times on Day 3 so far; issue closes today. Even successful. Branding is the process of transforming essentially functional assets into relationship assets by providing the basis for a psychological connection between the. 7 billion. 8 billion. Identifiable intangible assets are. 2 per cent, respectively. The minimum lot size for an application is 49 shares. Branding By The Numbers – Measuring Brand Value, Equity And Marketing Activity. In October 2022, it opened its. Manyavar IPO is a main-board IPO of 36,364,838 equity shares of the face value of ₹1 aggregating up to ₹3,149. Keeping in mind that the nature and concept of value is difficult to grasp on account of being subjective in nature, these three methods of analysis objectify the valuing of brands. [1] Since 2020, it has been a subsidiary of Mars Inc . Puma (brand) Puma SE is a German multinational corporation that designs and manufactures athletic and casual footwear, apparel, and accessories, headquartered in Herzogenaurach, Bavaria, Germany. Tesla is the world's leading electric vehicle manufacturer, and, as. The initial public. Breaking their streak of 20 years without any initial public offerings (IPO), Tata Group is all set to launch the Tata Technologies IPO on November 22. ; The latest tentative GMP of Gandhar Oil. 9x for KPIT, 68. We use a number of methodologies depending on your requested purpose, which can be Fair Value Exercises (IFRS 3 / FAS 141) on acquisition, Impairment. It is simply the sum a third party can happily pay to acquire a brand. The proposed approach uses brand-related parameters, which are usually accessible, however, the. Take-aways and deliveries played a crucial role in the foodservice sector due to convenience and digital and technological advancements. DFIN experts share insights gained from a career spent helping firms navigate the IPO process — and explain how a powerful brand story can help maximize a company’s valuation. As a result, BetterBrand also scored a record-breaking valuation of $170 million, according to Crunchbase, surpassing that of some of the biggest tech players,. Brand valuations are used for a variety of purposes, including tax, finance, and marketing. Gandhar Oil Refinery India IPO is a main-board IPO of 29,626,732 equity shares of the face value of ₹2 aggregating up to ₹500. by Mike Rocha. The No. Reliance is the largest public company in India by market capitalisation and revenue, and the 100th largest company worldwide. This International Standard specifies requirements for procedures and methods of monetary brand value measurement. Brand Valuation. Klarna raised $800 million at a $6. The evaluation method of brand value has become an increasingly important topic as the concern of practical and theoretical circles in the 1980s (Huang, 2015). These include cosmetics and personal hygiene products, ranging from perfume and deodorant to mouthwash and toothpaste. Global brand value of KFC from 2010 to 2022. The minimum amount of investment required by retail investors is Rs 14,896. The members of International. Everyday care is a powerful catalyst in making you feel better, inside and out. Após uma bem-sucedida primeira edição, marcada pelo pioneirismo, o IPESO Instituto de Pesquisa vai lançar a segunda edição da Top Foodservice. The term was coined by a venture capitalist and a seed investor, Aileen Lee. That year, Peloton raised $550 million in venture capital funding at a valuation of $4. 1. Find details of trade marks to: check if a similar trade mark to your brand already exists in the UK. e. Select your medications. Analysts at Sharekhan say that the Tata Group is coming out with an IPO after a gap of almost two decades and the issue seems reasonably priced versus peers and offers a favourable risk reward. Business valuation is a process and a set of procedures used to estimate the economic value of an owner's interest in a business. Rocking Deals Circular Economy Limited IPO is fixed at Rs. Make [sic] my words. 2 company, 100 Thieves, which counts Drake, music mogul Scooter Braun and billionaire Dan Gilbert among its. API Consolidated Results FY 22-23 Pharmeasy Annual Report 2022 3rd AGM Video Pharmeasy Corporate. In the recently published Brand Finance Global 500 2020 report, Huawei is the third Chinese company on the list with a brand value of US$. 43 crore ($2. , 1moCyient (formerly Infotech Enterprises Limited) is a Global multinational technology company that is focused on engineering, manufacturing, data analytics, networks and operations. Rankings Reports Soft Power. tarnow. To learn more about CD&R, please visit cdr-inc. With speculations abound that the organisation is looking at $3 billion market capitalisation (Rs 24,000 crores), the organisation’s price-to-earnings ratio would be about 1,666x, raising caution among investors and market experts, who assert that the valuation of the brand is exorbitant. Several licensors often exist within one group, leading to the problem that at arm's-length, royalties have to be paid to several licensors. Flair IPO to close on Nov 24, booked 6. At the midpoint of its IPO price range, Kenvue. 7 billion. 9 billion; Facebook: $94. Editing. Brand Finance estimated the beverage’s 2022 brand value as $35. Brand value definition is the amount of money a company determines they could get by selling a brand in the open market at a reasonable value. If you are looking to have a glimpse of the success story of boAt, then StartupTalky has brought you all about. The issue price of the stock was ₹ 324. 4 billion. Co-founders Marcus Wilson and. In January 2022, Sugar Cosmetics purchases the majority of ENN Beauty. 9 billion). MRF or MRF Tyres, is an Indian multinational tyre manufacturing company and the largest manufacturer of tyres in India. We operate many well-known and trusted brands that provide customers with a full suite of. S. Match Group, the parent of Tinder and Hinge, has shed 75% of its value since hitting a record share price of $169. The value is often a reflection of the current and/or future economic benefits derived from brand ownership. Vizio plans to sell shares in next week’s IPO at $21 to $23 each, giving it a valuation of $4. The stock opened at $25 and rose as high as $26. Its strong brand legacy. These are Legal, Behavioural and Financial analysis. A pre-money valuation is a term widely used in the private equity and venture capital industries. It. The Wall Street hype machine is in full swing for the Chinese online retail giant Alibaba’s initial public offering. The startup offers versatile instalments, e-wallet, and business stages. It becomes most followed consumer brand on Instagram in October, 2022. Lego. From round to round, SKIMS valuation continues to climb at a higher pace than Wall Street had predicted. In mid-July, its initial IPO was oversubscribed 35 times, giving it a valuation of $12. MBA. After receiving a massive launch by Dwayne Johnson in 2021, the. Then, increase or decrease that monetary value in multiples of. including enhancement of the company’s brand name and creation of a public. The company’s core values – fun, creativity, imagination, learning, caring, and quality – relate to the concept of play. 1 day ago · Flair Writing Industries Ltd has set a price band of Rs 288-304 a share for its IPO. In October. Sobre o IPESO. In addition to estimating the selling price of a business, the same. The company primarily sells products online, but also has brick and mortar locations. In November 2021 Dream11 was valued at $8 billion. Skims raised $270 million at its new valuation in a funding round led by Wellington Management. The brand netted $232. The. IREDA, the largest pure-play green energy financer in India, focuses on lending to the renewable energy sector. Investors did not agree with that choice and sent the company’s stock down 13. VOL. 22 Crores. By Meghna Sen Nov 22, 2023 8:08:03 AM IST (Published) The initial public offering (IPO) of Tata Technologies, the first public issue by the Tata Group in almost 20 years, will kick off for subscription on Wednesday, November 22. With an astounding 215% growth, the entertainment app’s brand value has increased from US$18. Brand valuation. 4 million just for the month of October last year. Premium Tata Technologies IPO subscription status: By 11:00 AM on day 2 of bidding, the public issue has been subscribed 8. 09 crore equity shares by the promoter and investors. The various types of analyses may be built from scratch in Excel or may use an existing template/model. Uwharrie Capital Corp. com Topic 1 The Value of a Brand Measuring the value of a brand asset is a difficult task, which is why financial regulators in most economies do not allow brand assets to be carried on a company’s balance sheet unless they have been purchased in an open-market transaction. Fairfax’s takeover bid of 25 Canadian cents a share is almost 99% below the C$17 a share at which Farmers Edge offered stock in a March 2021 initial public offering. IP valuation helps brand owners to prepare for what lies around the corner. It is essential for any brand manager to identify the period-to-period performance of their brands. It is, though, an issue of concern to both marketing and finance specialists, even if the focus of attention for the two can be very different. The IPO of Tata Technology entirely consists of an offer-for-sale (OFS) of up to 6,08,50,278 equity shares with a face value of Rs 2 each amounting to Rs 3,042. Website. Authentic Brands reported total revenue of $489 million and net income of $225 million in 2020. 9 trillion ($148 billion) in 2021 and is expected to achieve a CAGR of more than 8% during 2021-26. It has an exclusive window.