Supervoxels find applications as a pre-processing step in many image processing problems due to their ability to present a regional representation of points by correlating them into a set of clusters. Besides reducing the overall computational time for subsequent algorithms, the desirable properties in supervoxels are adherence to object boundaries and compactness. Existing supervoxel segmentation methods define the size of a supervoxel based on a user inputted resolution value. A fixed resolution results in poor performance in point clouds with non-uniform density. Whereas, other methods, in their quest for better boundary adherence, produce supervoxels with irregular shapes and elongated boundaries. In this article, we propose a new supervoxel segmentation method, based on k-means algorithm, with dynamic cluster seed initialization to ensure uniform distribution of cluster seeds in point clouds with variable densities. We also propose a new cluster seed initialization strategy, based on histogram binning of surface normals, for better boundary adherence. Our algorithm is parameter-free and gives equal importance to the color, spatial location and orientation of the points resulting in compact supervoxels with tight boundaries. We test the efficacy of our algorithm on a publicly available point cloud dataset consisting of 1449 pairs of indoor RGB-D images, i.e., color (RGB) images coupled with depth information (D) mapped per pixel. Results are compared against three state-of-the-art algorithms based on four quality metrics. Results show that our method provides significant improvement over other methods in the undersegmentation error and compactness metrics and, performs equally well in the boundary recall and contour density metrics.