An ion beam propagating through a magnetized plasma cylinder containing K+ positive ions, electrons, and SF6− negative ions drives electrostatic ion-acoustic (IA) waves to instability via Cerenkov interaction. Two electrostatic IA wave modes in presence of K+ and SF6− ions are studied. The phase velocity of the sound wave in presence of positive and negative ions increase with the relative density of negative ions. The unstable wave frequencies and the growth rate of both the modes in presence of positive and negative ions increase with the relative density of negative ions. The growth rate of both the unstable modes in presence of SF6− and K+ ions scales as the one-third power of the beam density. Numerical calculations of the phase velocity, growth rate, and mode frequencies have been carried out for the parameters of the experiment of Song et al. [Phys. Fluids B 3, 284 (1991)].