Using IPO firms from 2012 to 2021 as the research sample, the impact of brokerage digitalization on IPO pricing efficiency was examined. It is observed that there is a negative correlation between brokerage digitalization and IPO underpricing, indicating that brokerage digitalization is conductive to reducing information asymmetry and improving IPO pricing efficiency. Moreover, this negative correlation is stronger when IPO firms are younger, engaged in more related-party transactions, and have a higher ownership concentration. These findings suggest that reducing information asymmetry and mitigating agency problems are important mechanisms for brokerage digitalization to affect IPO underpricing. Further analysis confirms that higher brokerage digitalization leads to better long-term post-listing performance and the influence of brokerage digitalization is not affected by the issuance system. Research of digitalization is extended to the field of intermediaries in the direct financing market. Both theoretical insights into the role of brokerage digitalization and practical guidance for its further development are provided.