The Tasmanian-headquartered banking and financial services company entered a share trading halt on Monday to allow the capital raising to be completed.

Boosting market share was part of the plan.

MyState chairman Miles Hampton said the capital raising would support a significant acceleration of the business' growth strategy..

He said MyState had increased its home loan book by 43 per cent since 2016.

"We now see an opportunity to build on that success and substantially increase our growth trajectory," Mr Hampton said.

"This is important as it helps us to remain competitive and provide the services that our customers expect, whilst improving shareholder value."

Much of MyState Bank's home loan activity is now outside Tasmania.

MyState Limited said it was on track for growth in operating profit (pre-provision) of 11-14 per cent this financial year.

"MyState has built a modern, scalable technology platform, upgraded its systems and processes and has established a high calibre and high performing team," Mr Hampton said.

"With the investments made in these areas, we are targeting growth well ahead of system at reduced marginal cost, with the objective of creating significant incremental value for our shareholders."

Managing director and chief executive Melos Sulicich said: "Our focused and accelerated growth strategy builds on MyState's strong financial position and leading customer NPS ( a customer satisfaction measure) to access growth opportunities via a strong digital offering. "

"We see significant opportunity in the current market to rapidly grow our business."

The raising would include a $20 million, fully underwritten institutional placement.

There would also be a $60 million one for 6.66 shares non-renounceable entitlement offer, underwritten to $30 million.

They would lead to about 18.6 million new fully paid ordinary shares shares, equivalent to 20.2 per cent of issued capital.