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
I think it will be great. Because in this case ICO will be very popular for the investors. Because you can be sure that behind the token existing something real.