Online HR firm Apply Direct is reportedly considering a stock market debut.

The company has been consulting with investment banks about how to approach an initial public offering.

Former McMillan Shakespeare chief executive Michael Kay is the chairman of the business after stepping down as head of the salary packaging and leasing firm last year.

Reports say former McMillan Shakespeare chief executive and now Apply Direct chairman Michael Kay has begun meeting with fund managers to gauge their interest in a potential float.

Insiders expect the company to have a market value of about $100 million, and could seek to raise between $20 million and $40 million with the IPO.

Apply Direct is an online website provides human resources services as well as some recruitment functions.