There is one important thing to note before you do this: All unsubscribe and confirmation links as well as links to forms in previous emails you have sent out will no longer work. Also, if you've used link tracking, none of the links in the emails you have previously sent out will work any more either. This is because the links in the emails still point to the old URL and, if you change it, the links will be broken.
If this is OK, then you can change the folder IEM is in simply by renaming the folder and editing the admin/includes/config.php file. Change the value of SENDSTUDIO_APPLICATION_URL in this file to reflect the new path.
