You can't really partcipate in IPO if your have your brokerage account with a non-underwriting firm.  For example, you need to have your account with Merriall Lynch if Merriall Lynch is the lead underwriter of a new securities.  The buying and selling you are discussing are all secondary market transcations.  The first day trading price is usually not the IPO subscription price.  When your brokerage firm is the lead underwriter or part of the selling group, as that firm's customer, you can offer an IOI (indication of interest) for how many share of the new stock would like to buy without knowing the final IPO subscription price.  Once the subscritpion is set, your broker will call you once the price is set.  However, be ready to have mulit-million dollar account if you are seriou about participating in IPO, usually all shares are allocated during road-show, marketing to pension fund, mutal fund, hedge fund and majore institution investor.  Have fun, good luck guys!!!