Bonus should be around 10+Dex right now. If he has a 20 in Dex, then yes, he could have a +15
Diviner bonus +2
Improved Init +4
Edit: This for a Diviner Wizard, as previously mentioned. The Divination school specialization gives 1/2 Wizard level as an Initiative bonus. As to how bad it could get, the answer is very bad (A level 20 Diviner gets +10 to Init just from class abilities as well as treating all initiative rolls as a natural 20 and always acting in the surprise round even if not aware).
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