Santa Ana’s Identive Group Inc., a maker of scanners, readers, cards and other security devices for buildings and computers, has outlined plans to raise as much as $23 million before fees in a stock sale.

Identive is selling up to 9 million shares at $2.55 each, before factoring in payments to investment bankers, lawyers and regulatory fees.

The company plans to use the proceeds “to fund continued growth, acquisitions, working capital and general corporate purposes.”

Earlier this month, Identive bought most of Pleasanton-based idOnDemand Inc. in a deal that could be worth as much as $27 million.

IdOnDemand provides online security access to buildings, computers, mobile devices and corporate networks.

In Santa Ana, Identive specializes in designing and making devices for what’s called physical access—security systems that let only certain people inside a building.

The company’s products are big on biometrics, or using fingerprint or eye scans to verify identity.

Customers include federal, state and local governments here and abroad. It also sells to hospitals, schools and utility companies.

Identive had 2010 sales of about $85 million and is working toward profitability after a string of losses.

The company’s shares have seen seen a wild swing on Wall Street this week, spurred by a deal and then plunging on the share sale.

Identive’s stock was up as much as 20% Monday on a deal struck with NXP Semiconductors of the Netherlands. NXP plans to offer Identive’s security products to its customers.

The company's stock, which sees about 1.5 million shares traded daily on average, has spiked on and off for the past month or so.

Identive’s shares closed down about 20% Tuesday on word of the stock sale as investors feared dilution of profits reported on a per share basis.

The company has a market value of about $125 million.

Cowen Group Inc. and Morgan Joseph TriArtisan LLC, both of New York, are handling Identive’s stock sale, which is set to close by Friday.

The investment banks had access to 1.2 million additional shares to meet extra demand.

In April, Identive filed for permission from regulators to offer stock and debt from time to time.

The filing allows Identive to raise up to $100 million by selling various forms of shares and debt.