** Brazilian digital bank PicPay's PICS.O shares rise 1.9% to $16 as IPO research quiet-period ends

** Citigroup, Mizuho and RBC Capital Markets are among the brokerages that have initiated coverage on PICS

** "Our conviction is supported by the company’s ability to gain share from Brazilian incumbent banks through a structurally lower cost to serve, differentiated digital experiences and by cross-selling financial products into its large user base" - RBC

** Citigroup, BofA Securities and RBC Capital Markets led the underwriting syndicate for PicPay IPO

** PICS went public in New York last month after selling nearly 22.9 million shares in an IPO at $19 apiece, the first new stock listing by a Brazilian company in more than four years

** As of last close, PICS down 17.3% since January debut

(Reporting by Arasu Kannagi Basil in Bengaluru)

((ArasuKannagi.Basil@thomsonreuters.com;))