A type of capital that constitutes the amount of the nominal value of shares which have been purchased by the public in a process called initial public offering (IPO). It is that part of the nominal capital of an entity which has actually been taken up by shareholders against a set consideration (typically in cash) for shares issued to them. In the case shares issued for subscription are wholly subscribed for, issued capital will be equal to subscribed capital.

A company may issue shares (capital) but only part of it would be subscribed for. In which case, issued capital would consist of subscribed capital and unsubscribed capital.

Subscribed capital may be collected from the shareholders in installments at different points in time in the form called-up capital. Called-up capital is that amount of the nominal value of shares subscribed for which the issuing company has requested its shareholders to pay.

In all situations, subscribed capital cannot exceed issued capital.