Loyal3 does not appear to be underwriting GoPro's IPO. If they are being traditionally underwritten, some other syndicate is doing that and a select fraction of their clients are getting the IPO price. Loyal3 is apparently merely including it -- immediately, on the IPO day -- in the list of securities it permits its clients to transact in. Many brokers, including discount brokers, will do this. Also, it looks like Loyal3 does dollar-based investing. That is, you specify how many USDs you want to spend and Loyal3 eventually delivers some quantity of the security in exchange for those dollars. If you expect a stock's price and availability to fluctuate significantly on its IPO day, you may find that you get a lot less for your dollar that you thought you would.