In a rare move for an Indian initial public offering, SBI Securities is offering a leveraged bet on the deal of Jio Platforms Ltd. — a sign of the intense competition among brokerages as the excitement over the debut is building to a fever pitch.

SBI Securities is offering to finance as much as 60% of the amount needed to apply for the IPO through its parent State Bank of India, according to its website. Investors can seek funding for applications ranging from 500,000 rupees ($5,300) to 1 million rupees, with shares allotted as collateral. Several other firms are also directly approaching clients with financing options, according to people familiar with the matter, who asked not to be identified discussing private information.

Brokers across the world’s most populous nation are pulling out all the stops for the blockbuster $3.2 billion offering to cash in on the frenzied interest. It’s a sign that billionaire Mukesh Ambani’s digital and telecommunications giant tapping the market is more than just another IPO. The entire industry is latching on to Jio’s allure to attract new customers, open securities accounts and prod existing clients to place bids early.

So far, the tactics look to be working. The IPO was fully sold out within the first two hours of bidding and was subscribed nearly three times on the first day, according to data on BSE Ltd.’s website. The qualified institutional investors portion was subscribed nine times. Wealthy investors had bid for 1.55 times of shares reserved for them, while retail investors had taken up about 67% of their allocation.

Jio’s IPO opened for subscription on Oct. 21 and closes on Oct. 23. The company is offering as many as 270 million shares at 1,065 rupees to 1,119 rupees apiece, seeking to raise as much as 302 billion rupees at a valuation of as much as 10.3 trillion rupees.

The charm offensive includes everything from pre-booking facilities and IPO financing to aggressive client outreach, while some are betting on convenience.

HDFC Sky, Groww and Zerodha have been tapping clients and have introduced pre-booking features that allowed customers to register their interest before bidding began on Wednesday. The pitch is straightforward: investors can line up applications in advance and avoid missing out while traveling or celebrating during the festive period.

Angel One Ltd., meanwhile, is targeting another potentially lucrative pool of customers. The firm has been reaching out to Reliance group employees and their family members who don’t have securities accounts, as the conglomerate encourages its vast workforce to consider participating in the offering.

For India’s brokerage industry, Jio represents a rare customer-acquisition opportunity. Firms expect the excitement could bring as many as 5 million new investors into the market in October, potentially creating a fresh pool of customers who will continue trading long after Jio’s debut next week. It could be a milestone similar to the 2022 landmark listing of Life Insurance Corporation of India Ltd., when the company’s 286 million policy holders got easy access to brokerage accounts.

A representative from SBI Securities confirmed that it is offering IPO financing, while Angel One didn’t respond to requests for comment.