Is it possible for a company to raise funds through an ICO even if it is not a startup?

For example: Say company X manufactures chocolates but now it wants to further expand its operations and needs funds for it, can it opt for ICO instead of a Private Equity fund or a Bank Debt?
Please help I am a complete newbie and this concept is confusing me a lot

Thanks
It CAN, this is what really ICO (INITIAL COIN OFFERING) do to businesses.
they are launching their own coins or tokens to have fundraising and get into a good business.
But of course you need to dish it out and make it a better platform to do for the people have interest in your future business.