SaipemReuters File

JPMorgan and Goldman Sachs are leading the sale of 700 million shares in Italian oil contractor Saipem, two traders said on Monday.

One of the traders said the shares were being sold at a discount at 0.3875 euros each. Saipem shares closed up 7.2 percent on Monday at 0.4258 euros.

JPMorgan and Goldman Sachs were global coordinators in Saipem's recent 3.5 billion euro rights issue.

The banking consortium which underwrote the issue was left with 12.2 percent of the overall issuance, equal to almost 1.2 billion euros.

Saipem, JPMorgan and Goldman Sachs were not immediately available for a comment.