TAIPEI -- Hon Hai Precision Industry will spin off its connector manufacturing business in an initial public offering worth at least $1.5 billion, according to published reports.

IFR, a Thomson Reuters publication, is citing business insiders as saying Foxconn Interconnect Technology will be listed on the Hong Kong Exchange in the second quarter of 2016.

Proceeds will to be used to expand FIT's overseas business and develop new technologies, the report said.

Foxconn Technology has not commented on the reported IPO, rumors of which have been circulating for years. In early 2014, for instance, the Wall Street Journal reported that an IPO was imminent.The unit has reported revenues of around $3 billion.