[bwhite]

You are describing a Direct Public Offering [0], which was widely used in the US in the 19th century but waned in the 20th.

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.

[0] http://en.wikipedia.org/wiki/Direct_public_offering