A special-purpose acquisition company led by a team of former RSP Permian executives aims to net at least $300 million through an initial public offering launched this week.

In a prospectus filed with the US Securities and Exchange Commission, Switchback said it plans to build a company in the North American energy space "that complements the experience of our management team and can benefit from its operational expertise and/or executive oversight".

The company is searching for an asset.

Former RSP Permian chief financial officer Scott McNeill heads Switchback in the dual roles of chief executive and chief financial officer.

He worked at RSP Permian from April 2013 until it was acquired by Concho Resources in July of last year through a $9.5 billion all-stock deal.

"During Mr McNeill’s tenure at RSP, the company’s production grew from approximately 2500 barrels of oil equivalents per day to approximately 80,000 boepd, and RSP executed over $13 billion in M&A transactions and approximately $7 billion of financings," according to the filing.

He is joined at Switchback by Jim Mutrie, who serves as chief commercial officer, general counsel and secretary.

Mutrie was previously vice president, general counsel and secretary at RSP until it was acquired.

In addition, Switchback's chief operating officer Josh Rosinski previously worked at RSP Permian as its vice president of Reservoir Engineering. He too worked at the company until it was acquired by Concho.

Through the IPO, Switchback is offering 30 million units of Class A common stock priced at $10 each, with each unit consisting of one share of the Company’s Class A common stock and one-third of one redeemable warrant.

A whole warrant entitles its holder to purchase one share of Class A stock at an exercise price of $11.50 per share.

In addition, the company intends to grant underwriters a 45-day option to purchase up to an additional 4.5 million shares.

Units will be listed on the New York Stock Exchange and will trade under the ticker symbol "SBE.U".

Switchback is sponsored by NGP Switchback, a portfolio company of private equity firm NGP. The company is owned by Switchback management and NGP.

NGP Switchback has committed to purchase up to 5.9 million warrants at a price of $1.50 per warrant, or $8.9 million. The warrants can be used to purchase one share of Class A common stock at a price of $11.50 per share in a private placement.

The company's initial stockholders own an aggregate of 8.6 million shares of Class B common stock, which will automatically convert one-for-one into Class A shares if and when Switchback makes its initial acquisition.

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Ex-RSP team Switchback launches $300m IPO