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        <filerInfo>
            <filer>
                <filerCredentials>
                    <cik>0001833465</cik>
                    <ccc>XXXXXXXX</ccc>
                </filerCredentials>
            </filer>
            <liveTestFlag>LIVE</liveTestFlag>



        </filerInfo>
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        <issuerInfo>
            <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>STEVE PANTELICK</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>15690</noOfUnitsSold>
            <aggregateMarketValue>198792.30</aggregateMarketValue>
            <noOfUnitsOutstanding>40265869</noOfUnitsOutstanding>
            <approxSaleDate>07/03/2025</approxSaleDate>
            <securitiesExchangeName>NASDAQ</securitiesExchangeName>
        </securitiesInformation>
        <securitiesToBeSold>
            <securitiesClassTitle>Common</securitiesClassTitle>
            <acquiredDate>10/08/2021</acquiredDate>
            <natureOfAcquisitionTransaction>Founders Shares</natureOfAcquisitionTransaction>
            <nameOfPersonfromWhomAcquired>Issuer</nameOfPersonfromWhomAcquired>
            <isGiftTransaction>N</isGiftTransaction>
            <amountOfSecuritiesAcquired>4000</amountOfSecuritiesAcquired>
            <paymentDate>10/08/2021</paymentDate>
            <natureOfPayment>N/A</natureOfPayment>
        </securitiesToBeSold>
        <securitiesToBeSold>
            <securitiesClassTitle>Common</securitiesClassTitle>
            <acquiredDate>07/01/2025</acquiredDate>
            <natureOfAcquisitionTransaction>Restricted Stock Units</natureOfAcquisitionTransaction>
            <nameOfPersonfromWhomAcquired>Issuer</nameOfPersonfromWhomAcquired>
            <isGiftTransaction>N</isGiftTransaction>
            <amountOfSecuritiesAcquired>11690</amountOfSecuritiesAcquired>
            <paymentDate>07/01/2025</paymentDate>
            <natureOfPayment>N/A</natureOfPayment>
        </securitiesToBeSold>
        <nothingToReportFlagOnSecuritiesSoldInPast3Months>N</nothingToReportFlagOnSecuritiesSoldInPast3Months>
        <securitiesSoldInPast3Months>
            <sellerDetails>
                <name>10b5-1 Sales Plan for STEVE PANTELICK</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>06/03/2025</saleDate>
            <amountOfSecuritiesSold>4000</amountOfSecuritiesSold>
            <grossProceeds>48262.80</grossProceeds>
        </securitiesSoldInPast3Months>
        <securitiesSoldInPast3Months>
            <sellerDetails>
                <name>10b5-1 Sales Plan for STEVE PANTELICK</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>05/05/2025</saleDate>
            <amountOfSecuritiesSold>4000</amountOfSecuritiesSold>
            <grossProceeds>39308.00</grossProceeds>
        </securitiesSoldInPast3Months>
        <noticeSignature>
            <noticeDate>07/03/2025</noticeDate>
            <planAdoptionDates>
                <planAdoptionDate>05/09/2024</planAdoptionDate>
            </planAdoptionDates>
            <signature>/s/ Steve Pantelick</signature>
        </noticeSignature>
    </formData>
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144
0001833465
XXXXXXXX
LIVE
0001422930
PubMatic, Inc.
001-39748
601 MARSHALL STREET
Redwood City
CA
94063
6503313485
STEVE PANTELICK
Officer
Common
Morgan Stanley Smith Barney LLC Executive Financial Services
1 New York Plaza
8th Floor
New York
NY
10004
15690
198792.30
40265869
07/03/2025
NASDAQ
Common
10/08/2021
Founders Shares
Issuer
N
4000
10/08/2021
N/A
Common
07/01/2025
Restricted Stock Units
Issuer
N
11690
07/01/2025
N/A
N
10b5-1 Sales Plan for STEVE PANTELICK
601 MARSHALL STREET
Redwood City
CA
94063
Common
06/03/2025
4000
48262.80
10b5-1 Sales Plan for STEVE PANTELICK
601 MARSHALL STREET
Redwood City
CA
94063
Common
05/05/2025
4000
39308.00
07/03/2025
05/09/2024
/s/ Steve Pantelick