 Telecel was listed on the Euronext-Lisbon Stock Exchange.Banco Espírito Santo and Amorim used the IPO and subsequent sales to sell out with considerable gains, and the Vodafone Group eventually took a controlling share.In 2003, the Vodafone Group launched a successful tender offer for all outstanding shares not in its possession, thus becoming the full owner of then-called Telecel-Vodafone.