Shares of state-run\u00a0Rail Vikas Nigam Ltd made a tepid debut on the exchanges on Thursday morning, even as the shares listed at Rs 19, same as its IPO price. Poor run continues for PSU IPOs, with a slew of public offers trading below their issue price. The recently listed\u00a0MSTC shares are trading at Rs 112, 6% below the issue price of Rs 120.\u00a0Notably, several PSU issues including IRCON International, Garden Reach, Coal India, NALCO, HUDCO, RCFL, National Fertilizers have left investors with poor returns. Rail Vikas Nigam Ltd IPO for Rs 481 crore had sailed through on April 3rd as the issue was subscribed about 1.72 times. The issue received bids for 43.63 crore shares as against the issue size of 25.34 lakh shares implying a total subscription of 1.72 times. Notably, the QIB portion saw heavy demand and was subscribed 1.36 times, as investors from the category bid for a total of 17.20 crore shares as against their issue size of 12.64 crore shares. Also read:\u00a0Share market LIVE: Sensex turns positive, Nifty below 11,600; Tata Motors, HUL top gainers The Rs 481 crore -IPO of RVNL consisted of an offer-for-sale of 25.34 crore shares at a price band of Rs 17-19 per share. Post this IPO, the government\u2019s stake in the firm reduced to 88% due to dilution 12.2% share in the rail PSU. Earlier, state-run firm MSTC's public offer which provides auctions and procurement solutions, had to be extended as it failed to sail through. The initial share sale of state-owned MSTC had been extended till March 20 and the price band was also lowered. The price band of the offer, which was revised to Rs 120-128 from Rs 121-128 per share. The issue received bids for a total of 1.76 crore out as against a total size of 1.76 crore shares.\u00a0MSTC, a Kolkata-based firm, was incorporated in 1964 as a trading company to deal in the export of scrap. There are three main business verticals in the company \u2014 e-commerce, trading and recycling.