Yes this is possible by running the Xpert.ivy Servers with different context URIs. And then the servers must be configured in the *worker.properties* and *uriworkermap.properties*.
There is a detailed configuration example in the latest Server Guide: [ServerGuideHtml/ivy.server.integration.iis.multiple.instances][1]
[1]: http://www.xpertivy.ch/releases/Xpert.ivy/5.0.latest/documents/ServerGuideHtml/ivy.server.integration.iis.html#ivy.server.integration.iis.multiple.instances