Excel Prepares Texas-Sized Ip0

Kenny Troutt, the chairman of Excel Communications Inc., is about to become the latest Texas billionaire.

Excel, a Dallas-based reseller of long distance services, disclosed Friday that its upcoming initial public offering calls for the sale of 10 million shares at $13 to $15 each, which would raise as much as $150 million.

However, the public will only hold 9.3 percent of Excel’s outstanding stock, according to documents filed Friday with the Securities and Exchange Commission. Troutt and other company insiders will hold 97.3 million shares.

At $15 a share, these insiders will have parlayed a $432,000 investment into a company valued at $1.6 billion. Troutt would personally own 64.1 million shares worth $962.1 million on paper.

Others who have become overnight billionaires through hot IPOs include James Clark, the chairman and co-founder of Netscape Communications Corp. Clark’s stake in Netscape is worth nearly $858 million at current prices.