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                    <ccc>XXXXXXXX</ccc>
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            <liveTestFlag>LIVE</liveTestFlag>



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            <issuerCik>0001422930</issuerCik>
            <issuerName>PubMatic, Inc.</issuerName>
            <secFileNumber>001-39748</secFileNumber>
            <issuerAddress>
                <ns2:street1>601 MARSHALL STREET</ns2:street1>
                <ns2:city>Redwood City</ns2:city>
                <ns2:stateOrCountry>CA</ns2:stateOrCountry>
                <ns2:zipCode>94063</ns2:zipCode>
            </issuerAddress>
            <issuerContactPhone>6503313485</issuerContactPhone>
            <nameOfPersonForWhoseAccountTheSecuritiesAreToBeSold>PAULINA KLIMENKO</nameOfPersonForWhoseAccountTheSecuritiesAreToBeSold>
            <relationshipsToIssuer>
                <relationshipToIssuer>Officer</relationshipToIssuer>
            </relationshipsToIssuer>
        </issuerInfo>
        <securitiesInformation>
            <securitiesClassTitle>Common</securitiesClassTitle>
            <brokerOrMarketmakerDetails>
                <name>Morgan Stanley Smith Barney LLC Executive Financial Services</name>
                <address>
                    <ns2:street1>1 New York Plaza</ns2:street1>
                    <ns2:street2>8th Floor</ns2:street2>
                    <ns2:city>New York</ns2:city>
                    <ns2:stateOrCountry>NY</ns2:stateOrCountry>
                    <ns2:zipCode>10004</ns2:zipCode>
                </address>
            </brokerOrMarketmakerDetails>
            <noOfUnitsSold>24275</noOfUnitsSold>
            <aggregateMarketValue>402236.75</aggregateMarketValue>
            <noOfUnitsOutstanding>41603870</noOfUnitsOutstanding>
            <approxSaleDate>02/27/2024</approxSaleDate>
            <securitiesExchangeName>NASDAQ</securitiesExchangeName>
        </securitiesInformation>
        <securitiesToBeSold>
            <securitiesClassTitle>Common</securitiesClassTitle>
            <acquiredDate>02/27/2024</acquiredDate>
            <natureOfAcquisitionTransaction>Exercise of Stock Options</natureOfAcquisitionTransaction>
            <nameOfPersonfromWhomAcquired>Issuer</nameOfPersonfromWhomAcquired>
            <isGiftTransaction>N</isGiftTransaction>
            <amountOfSecuritiesAcquired>24275</amountOfSecuritiesAcquired>
            <paymentDate>02/27/2024</paymentDate>
            <natureOfPayment>Cash</natureOfPayment>
        </securitiesToBeSold>
        <nothingToReportFlagOnSecuritiesSoldInPast3Months>N</nothingToReportFlagOnSecuritiesSoldInPast3Months>
        <securitiesSoldInPast3Months>
            <sellerDetails>
                <name>10b5-1 Sales for PAULINA KLIMENKO</name>
                <address>
                    <ns2:street1>601 MARSHALL STREET</ns2:street1>
                    <ns2:city>Redwood City</ns2:city>
                    <ns2:stateOrCountry>CA</ns2:stateOrCountry>
                    <ns2:zipCode>94063</ns2:zipCode>
                </address>
            </sellerDetails>
            <securitiesClassTitle>Common</securitiesClassTitle>
            <saleDate>02/16/2024</saleDate>
            <amountOfSecuritiesSold>2083</amountOfSecuritiesSold>
            <grossProceeds>35411.00</grossProceeds>
        </securitiesSoldInPast3Months>
        <securitiesSoldInPast3Months>
            <sellerDetails>
                <name>10b5-1 Sales for PAULINA KLIMENKO</name>
                <address>
                    <ns2:street1>601 MARSHALL STREET</ns2:street1>
                    <ns2:city>Redwood City</ns2:city>
                    <ns2:stateOrCountry>CA</ns2:stateOrCountry>
                    <ns2:zipCode>94063</ns2:zipCode>
                </address>
            </sellerDetails>
            <securitiesClassTitle>Common</securitiesClassTitle>
            <saleDate>01/04/2024</saleDate>
            <amountOfSecuritiesSold>5871</amountOfSecuritiesSold>
            <grossProceeds>89423.55</grossProceeds>
        </securitiesSoldInPast3Months>
        <securitiesSoldInPast3Months>
            <sellerDetails>
                <name>10b5-1 Sales for PAULINA KLIMENKO</name>
                <address>
                    <ns2:street1>601 MARSHALL STREET</ns2:street1>
                    <ns2:city>Redwood City</ns2:city>
                    <ns2:stateOrCountry>CA</ns2:stateOrCountry>
                    <ns2:zipCode>94063</ns2:zipCode>
                </address>
            </sellerDetails>
            <securitiesClassTitle>Common</securitiesClassTitle>
            <saleDate>12/01/2023</saleDate>
            <amountOfSecuritiesSold>2084</amountOfSecuritiesSold>
            <grossProceeds>35428.00</grossProceeds>
        </securitiesSoldInPast3Months>
        <securitiesSoldInPast3Months>
            <sellerDetails>
                <name>10b5-1 Sales for PAULINA KLIMENKO</name>
                <address>
                    <ns2:street1>601 MARSHALL STREET</ns2:street1>
                    <ns2:city>Redwood City</ns2:city>
                    <ns2:stateOrCountry>CA</ns2:stateOrCountry>
                    <ns2:zipCode>94063</ns2:zipCode>
                </address>
            </sellerDetails>
            <securitiesClassTitle>Common</securitiesClassTitle>
            <saleDate>11/29/2023</saleDate>
            <amountOfSecuritiesSold>30706</amountOfSecuritiesSold>
            <grossProceeds>523221.31</grossProceeds>
        </securitiesSoldInPast3Months>
        <securitiesSoldInPast3Months>
            <sellerDetails>
                <name>PAULINA KLIMENKO</name>
                <address>
                    <ns2:street1>601 MARSHALL STREET</ns2:street1>
                    <ns2:city>Redwood City</ns2:city>
                    <ns2:stateOrCountry>CA</ns2:stateOrCountry>
                    <ns2:zipCode>94063</ns2:zipCode>
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            <securitiesClassTitle>Common</securitiesClassTitle>
            <saleDate>11/29/2023</saleDate>
            <amountOfSecuritiesSold>34873</amountOfSecuritiesSold>
            <grossProceeds>585866.40</grossProceeds>
        </securitiesSoldInPast3Months>
        <noticeSignature>
            <noticeDate>02/27/2024</noticeDate>
            <planAdoptionDates>
                <planAdoptionDate>05/11/2023</planAdoptionDate>
            </planAdoptionDates>
            <signature>/s/ Paulina Klimenko</signature>
        </noticeSignature>
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144
0001974892
XXXXXXXX
LIVE
0001422930
PubMatic, Inc.
001-39748
601 MARSHALL STREET
Redwood City
CA
94063
6503313485
PAULINA KLIMENKO
Officer
Common
Morgan Stanley Smith Barney LLC Executive Financial Services
1 New York Plaza
8th Floor
New York
NY
10004
24275
402236.75
41603870
02/27/2024
NASDAQ
Common
02/27/2024
Exercise of Stock Options
Issuer
N
24275
02/27/2024
Cash
N
10b5-1 Sales for PAULINA KLIMENKO
601 MARSHALL STREET
Redwood City
CA
94063
Common
02/16/2024
2083
35411.00
10b5-1 Sales for PAULINA KLIMENKO
601 MARSHALL STREET
Redwood City
CA
94063
Common
01/04/2024
5871
89423.55
10b5-1 Sales for PAULINA KLIMENKO
601 MARSHALL STREET
Redwood City
CA
94063
Common
12/01/2023
2084
35428.00
10b5-1 Sales for PAULINA KLIMENKO
601 MARSHALL STREET
Redwood City
CA
94063
Common
11/29/2023
30706
523221.31
PAULINA KLIMENKO
601 MARSHALL STREET
Redwood City
CA
94063
Common
11/29/2023
34873
585866.40
02/27/2024
05/11/2023
/s/ Paulina Klimenko